The article discusses the significant investments being made by major tech companies in artificial intelligence (AI) and related technologies. According to the analysis by Bloomberg Intelligence, the combined AI spending of seven leading tech giants (Alphabet, Amazon, Apple, Meta, Microsoft, Netflix, and Nvidia) is projected to reach $399 billion by 2024, a substantial increase from the estimated $237 billion in 2022. This surge in AI investment highlights the strategic importance of AI for these companies in areas such as cloud computing, consumer hardware and software, and data center operations. The report suggests that Alphabet (Google’s parent company) and Microsoft are expected to lead the way in AI spending, with projected investments of $128 billion and $107 billion, respectively, by 2024. The article also notes that while Apple has traditionally been more cautious in its AI approach, it is anticipated to increase its AI spending to $25 billion by 2024. Overall, the report underscores the intense competition among tech giants to gain an edge in AI capabilities, which are seen as crucial for future growth and innovation.
Source: https://www.businessinsider.com/how-much-big-tech-spending-on-ai-investments-2024-7