Overseas big tech companies’ current AI spending makes up 33% of operating cash flow in 2023, and it is expected to rise to about 93% by 2026—so the giants are starting to issue bonds to build.


This may suggest that you should not expect budgets to grow much further, but instead to maintain and even reduce.
This is crucial for choosing investment targets—it may not be about picking the periphery of the periphery, but about going back to the core.
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