Amid persistently high AI investment, tech giants are pursuing differentiated financing strategies. Meta's revenue grew 26% year over year, while the company raised its full-year capital expenditure forecast, suspended shareholder buybacks, and is supplementing funds through equity financing of up to $97.5 billion to secure market capital in advance. It has also issued non-voting Class C shares to ensure management voting power is not diluted, in order to support long-term investment in AI infrastructure and personal superintelligence. Oracle has set a $20 billion cap on new capital market financing for this investment cycle through fiscal year 2030, plans to turn free cash flow positive in the second half of fiscal year 2028, and relies on cooperative arrangements such as customer prepayments and supplier advance funding to share the burden of upfront investment, clearly defining the boundaries of its expansion financing. Giants such as Amazon and Alphabet are likewise maintaining high capital expenditure plans, and related investment is expected to rise further in 2027; the market is broadly focused on the payback period of high AI investment.
