Winners and Losers of the Hyper-Spend: Google Crushes, Meta Stumbles

In this episode, the team discusses a pivotal week in techwhere AI capital expenditure transitioned from speculative to factual, with major hyperscalers now projected to spend over $725 billion on infrastructure in 2026. The team analyzes a widening performance gap among the "Big Four," highlighting Google’s massive 63% cloud growth and Amazon’s re-accelerating AWS revenue as clear success stories, whilequestioning the muddled ROI paths for Microsoft and Meta despite their record spending. They also explore the paradox facing NVIDIA as custom silicon from hyperscalers begins to scale, alongside a deep dive into the resilient consumerhardware demand seen in Apple’s "off the charts" iPhone results. Finally, the team looks beyond the usual giants to identify opportunities in memory, power infrastructure, and the surging CPU trade required to keep global AI systems running. This podcast is prepared and distributed by AMI Asset Management (AMI), an SEC-registered investment adviser (registration does not imply a certain level of skill or training). The information contained herein, and the opinions expressed are those of AMI as of the date of writing, prepared solely for general informational and discussionpurposes. The information contained in this podcast has been compiled by AMI from sources believed to be reliable; however, AMI does not make any representation as to their accuracy, completeness or correctness and does notaccept liability for any loss arising from the use hereof. Such information and opinions are subject to change without notice due to changes in market or economic conditions and may not necessarily come to pass. References to specific securities are not intended as recommendations of said securities. Please note that some of the securities mentioned may be held in an AMI strategy or in personal accounts. The reader should not assume that any investments in securities, sectors and markets identified or described were or will be profitable. Investing entails risks, including possible loss ofprincipal. Past performance is not a guide to future performance and future returns are not guaranteed. The investment strategies referenced may not be suitable or appropriate for all investors depending on their specificinvestment objectives and financial situation and potential investors should consult with their own financial professional before determining whether to invest in the strategy.