AI spending

Apple cut the daily AI spending cap for some engineers from $300 to $200 in October, with deeper cuts to $100 planned under new CEO John Ternus.

SBI Research says Magnificent Seven debt hit $578 billion by mid-2026, up nearly 45%, and warns higher yields could cut $2 trillion off their value.

Microsoft earnings beat forecasts as Azure grew 48%, while Alphabet missed estimates and fell after hours despite Google Cloud more than doubling.

Meta AI capital spending plans, including a new class of nonvoting stock, triggered a 7% drop in Meta shares and a 2.6% Nasdaq slide on Thursday.

Bank of America warns the AI spending boom is following past capital cycles, with token prices down 50% and capex expectations near $1 trillion.