Marc Filippino

Thanks, Nico.

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Good morning from the Financial Times.

Today is Friday, May 8th, and this is your FT News Briefing.

Big tech is on a massive spending spree and investors are dumping Indian assets.

Plus, can GameStop close a wild deal for eBay?

Big tech companies are burning through cash to invest in AI infrastructure.

Amazon is expected to spend more than it makes this year.

Meta and Microsoft will likely also dip into the red later on in 2026.

These three companies and Alphabet are hyper-focused on AI right now, and they could hit their lowest yearly free cash flow levels in more than a decade.

That's according to forecasters.

Back in 2014, though, their collective revenues were about seven times smaller.

Tech companies have transformed into some of the biggest investors in AI infrastructure, but the spending spree means their resources are strained.

And analysts say those investments will only start to pay off next year as the AI boom brings in more revenue.

Foreign investors are ditching Indian assets at a record pace.

That's because the Iran war is driving energy costs up and the value of India's currency down.

The rupee has been hitting historic lows since the conflict began at the end of February.

Investors have responded by pulling out $22 billion from India.

Krishna Kaushik is our Mumbai correspondent.

He's here to give us a sense of how all this is looking on the ground.