Big Tech spending on AI is massive: Amazon, Google, Meta, Microsoft, and Oracle's CapEx are expected to reach a record 274 billion this year. This would be more than DOUBLE the CapEx posted in 2021 and 127 billion more than 2023. Amazon, AMZN, and Microsoft, MSFT, are expected to spend 86 billion and 63 billion, respectively. Spending has accelerated as Big Tech invests in more advanced chips from firms like Nvidia, NVDA, and large data centers to store them. The big question is whether China’s DeepSeek will disrupt this trend. Is AI spending out of control?