Silicon Valley giants announced huge AI spending sprees, drawing divergent market reactions — while seeming to ease fears of a major market correction. 

Alphabet shares rose on news of a major boost in capital expenditure plans, but Microsoft and Meta saw shares fall after they announced similar plans, despite increased revenues.

Ultimately, quarterly profit-and-loss statements are not what investors appear to be watching for, and Big Tech’s outlays are the numbers to watch, CNBC’s market analyst wrote: The CapEx growth rate suggests spending isn’t going to slow, implying that “fears of a bubble can be deferred for now.”