Meta and Microsoft are now spending roughly 30% of their annual revenues on capital expenditures. What are they hoping to get from all that investment? Asit Sharma and Mary Long break down earnings from Meta and Microsoft. They also discuss whether the DeepSeek story changes how investors should view off-the-walls AI spending, the future of Reality Labs, Microsoft’s $13Bn-and-growing AI business, and why “fungible fleet” is a potentially ominous phrase for Sam Altman. Companies discussed: META, MSFT, NVDA. Host - Mary Long; Guest - Asit Sharma
