Google drops $85 billion on AI — grab the pick-and-shovel plays
Google's parent company just increased its fundraising to a massive $85 billion to pour into artificial intelligence. At the same time, AI chip leader Nvidia is reporting huge profits, signaling the tech spending boom is still going strong.
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Major tech companies are backing up the truck on artificial intelligence spending, with Alphabet raising a massive $85 billion to fund its AI plans. This enormous investment confirms that the AI boom is far from over and tech giants are willing to spend heavily to dominate the space. Nvidia, the primary company selling the hardware for this AI build-out, has already reported nearly $20 billion in recent profits. Buying the semiconductor fund or Nvidia itself is a solid way to benefit as tech giants open their wallets to buy more AI chips.