AI Spend vs Return

Capex Return Follow the money Data centers What changed

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Data: SEC EDGAR XBRL filings (10-Q, 10-K) · Data centers: Epoch AI, Frontier Data Centers (CC BY 4.0).

Capex = purchases of property & equipment as reported; it is not an AI-only figure. Quarters are mapped to calendar quarters. Data only — not investment advice.

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