Amazon reports third-quarter results that beat expectations and raises its 2025 capital expenditure forecast to $125 billion, up from $118 billion. Revenue rises to $180.17 billion and earnings per share come in at $1.95, ahead of estimates. AWS revenue accelerates 20.2% to $33 billion, which CEO Andy Jassy says is a pace not seen since 2022. He cites robust AI demand and notes the company added more than 3.8 gigawatts of capacity in the past 12 months.

The higher spending plan follows a similar move by Meta, which on Wednesday raises its 2025 capex outlook to $70–72 billion and takes a $15.93 billion one-time tax charge tied to President Trump’s One Big Beautiful Bill Act. Meta shares drop as much as 9% on Wednesday despite beating revenue estimates. The tax charge, combined with increased AI spending, weighs on the stock.

Microsoft’s earnings release earlier in the week offers a rare look at OpenAI’s finances. Filings suggest OpenAI lost more than $11.5 billion in the quarter, based on Microsoft’s share of losses under equity accounting. The software giant reports a $3.1 billion hit to net income from its OpenAI investment. Microsoft declines to comment beyond confirming the figure refers to its current fiscal year.

On Thursday, Amazon shares jump more than 13% after hours, as investors focus on accelerating cloud growth and the company’s AI investments. The week’s earnings paint a picture of Big Tech pouring ever more money into AI infrastructure, even as some investors question the returns. For now, the market rewards the spending — at least in Amazon’s case.