AI money is running out—even for Big Tech.

Over the past 12 months, Google has raised $80 billion in the market, including a rare 100-year loan. In the near future, Google will conduct a follow-on offering to raise another $85 billion. Even this very wealthy company lacks the operating profit and accumulated cash to build data centers.

Meta’s shares have plunged on news that the company is preparing a follow-on offering as well—aimed at raising money for data centers.

During the railway boom in the Великобритании between Лондон and Манчестер, there were five competing routes owned by different companies. They built parallel lines to avoid losing market share. Many investments later proved to be excessive, but it was this competition that created one of the most developed transportation networks in the world.

Today, something similar is happening. Google, Meta, Microsoft, Amazon, and others are simultaneously building massive data centers. No one wants to be the company that skimped on computing power and lost the race.

Alphabet, Microsoft, Amazon, and Meta, along with several other major players, plan to spend more than $630 billion on AI infrastructure in 2026.

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