Amazon, Microsoft, Meta, and Alphabet are set to spend a combined total exceeding $200 billion in 2024 to develop artificial intelligence, a record amount according to a Bloomberg report by Mark Bergen and Lynn Doan. Despite delivering mixed financial results, the companies plan to invest even more next year to secure high-end chips and build data centers to support the AI boom ignited by ChatGPT. Executives from each company expressed to investors their belief that these huge investments will make their future businesses more profitable.
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