Megacaps Step Up Spending, Gold & Silver Records, More
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News when you want it with Bloomberg News Now. I'm Lizzie Burden. And I'm Caroline Hepker. The world's largest tech firms are showing no sign of easing up on AI spending as earnings reveal plans worth hundreds of billions of dollars. Metroloan has ambitions to spend as much as $135 billion this year as Microsoft, Samsung and Tesla also ratchet up capital expenditure. Meta CEO Mark Zuckerberg says the cash is needed to front load computing capacity and the company's already seeing a payoff in the way AI is being used internally.
I think that 2026 is going to be the year that AI starts to dramatically change the way that we work. As we navigate this, our North Star is building the best place for individuals to make a massive impact. So to do this, we're investing in AI native tooling so individuals at Meta can get more done. We're elevating individual contributors and flattening teams. We're starting to see projects that used to require big teams now be accomplished by a single, very talented person.
Mark Zuckerberg speaking there on Meta's earnings call as the firm's better than expected sales outlook helped to ease market concerns over record spending.
Well, despite those gains, doubts are persisting among some investors about whether firms can recoup their massive AI outlay. Shares in Microsoft dropped as the software giant announced a 66% increase in capital expenditure for the second quarter. The higher than expected spend of over $37 billion came as the firm also announced a slowdown in cloud services growth. But Microsoft CEO Satya Nadella says he expects AI expenditure to deliver for the firm.
We are in the beginning phases of AI diffusion and its broad GDP impact. Our TAM will grow substantially across every layer of the tech stack as this diffusion accelerates and spreads. In fact, even in this early innings, we have built an AI business that is larger than some of our biggest franchises that took decades to build.
Satya Nadella was speaking as Microsoft's total sales increased by 17% to $81 billion during the quarter. Meanwhile, San Francisco publication The Information is reporting that Microsoft, Nvidia and Amazon are in discussions to invest as much as $60 billion in in open ai as part of a major new funding round this is analysts are increasingly warning of a potential ai bubble forming in part because of the circular nature of some investments meanwhile gold has surged to a new record above five thousand five hundred dollars an ounce as a lack of liquidity helped to accelerate a nine-day rally
The price of bullion has once again soared this week, fuelled by a weaker dollar and investment flight from sovereign bonds and currencies. Martin Ritchie is our metals and mining reporter.
We're in territory now where the prices have gone up so much that, you know, it has to sort of change market dynamics. And, you know, we did reference some people, some analysts in the market today saying, you know, these kind of levels, you know, banks don't really want to trade so much. The risks are higher.
What are the latest trends in AI spending by major tech firms?
That just tampers down liquidity. So the remaining market players are sort of fewer and far between. And that's a kind of environment where you get bigger amplified price moves.
Martin Ritchie speaking to us there as growing bets on a dovish Fed policy shift helping propel a record-breaking rally across commodities with gold, copper and silver all hitting new record highs.
The surge in gold and other metals came after the Federal Reserve left its key interest rate unchanged in a widely expected move. Traders largely looked past the decision, focusing instead on the weakening dollar. The greenback has continued to slide after pairing some losses on Wednesday, even as the US Treasury Secretary Scott Besant came out to affirm that, quote, the US always has a strong dollar policy.
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