Tech Giants, VCs Spend Billions on AI in 2024
Tech Giants, VCs Spend Billions on AI in 2024

Tech Giants, VCs Spend Billions on AI in 2024

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Major tech companies including Meta, Microsoft, Amazon, and Google are projected to spend a combined $320 billion on AI data centers in 2024, as the AI investment boom accelerates amid intense competition and uncertain profitability. US investment in AI startups reached $65 billion in the first quarter of 2024, and Nvidia's valuation has soared in response to the AI frenzy. Analysts caution that the high costs and competitive landscape may limit returns, with monetization remaining a challenge for many firms. In the finance sector, 85% of US banking and capital markets firms are now embedding AI into core functions such as customer experience and risk management. Venture capitalists are criticized for 'vibe valuing' startups, often disregarding traditional financial metrics. The collapse of Brookfield Asset Management’s investment in Healthscope underscores the risks faced by private equity in highly regulated sectors.

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