Capital expenditures on large tech projects are enormous. Major tech companies are betting on the AI revolution (and then on the AI uprising—just kidding).

The capital expenditures of the Magnificent 7 reached approximately $44 billion in the second quarter of 2024, the highest on record.

This is about 25% more than the $35 billion recorded in the previous quarter and 47% more than in the second quarter of 2023.

A significant portion of these expenses was driven by investments in AI as the hype around AI intensified.

A large part of this capital went to Nvidia, NVDA, and other major chip manufacturers.

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