Satya Nadella, CEO of Microsoft, said the spending was needed to overcome the capacity constraints that hampered the tech giant's ability to capitalize on AI.

The tech giants on Wednesday talked up their AI strategies and said they are sticking with ambitious investments in the technology despite the investor panic this week over the ri

US tech stocks lost nearly $1 trillion on concerns about artificial intelligence spending, Meta Platforms Inc. hit a record high — signaling that investors were keeping the faith when it came to its own AI plans.