WASHINGTON — Today, the Progressive Policy Institute (PPI) released its annual Investment Heroes report, “Investment Heroes 2025: The Shape of the AI-Enabled Economy,” revealing a sharp rise in domestic capital investment by large U.S. companies, led by a wave of AI-driven spending. The top 25 firms invested an estimated $403 billion in the U.S. economy in 2024 — an increase of 23% over the previous year — outpacing the 5.3% growth in overall nonresidential investment.
Amazon tops the Investment Heroes 2025 list for the sixth consecutive year with $63.6 billion in U.S. capital expenditures, followed by Alphabet ($41.1 billion), Meta ($36.1 billion), and Microsoft ($26.5 billion). These four tech giants alone accounted for $167 billion in domestic investment, up nearly 66% from 2023.
“The AI-enabled economy is reshaping corporate investment priorities,” said Dr. Michael Mandel, PPI’s chief economist and co-author of the report. “This year’s Investment Heroes reflect a fundamental shift, with leading firms building out the physical and digital infrastructure needed to power next-generation AI.”
The report identifies four key investment trends defining the AI-enabled economy:
The report also notes that capital expenditures by big tech firms reached an annualized rate of $360 billion in the first half of 2025, marking a 73% jump year-over-year.
Read and download the report here.
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Media Contact: Ian O’Keefe – iokeefe@ppionline.org
