The rapid buildout of artificial intelligence is making technology firms some of the top capital investors in the U.S., according to new research shared first with The Hill.
The report, to be published by the think tank Progressive Policy Institute (PPI) Wednesday, found tech firms Amazon, Alphabet, Meta and Microsoft invested more than half — $269 billion — of the $520 billion in U.S. capital spending last year.
Amazon tops this list, with just over $93 million in estimated domestic expenditures last year. Financial and non-health insurance companies were excluded from the analysis.
This marked a 61.1 percent increase from their spending in 2024, with analysts pointing to the increased demand for compute and the infrastructure needed to power AI. Oracle also made the top 10, spending more than $15.7 million in domestic investments.
Michael Mandel, PPI’s chief economist who runs the annual “Investment Heroes” report, told The Hill his team hasn’t “seen any great growth out of the companies that are investing in the AI boom.”
