All four artificial intelligence (AI) hyperscalers—Microsoft, Alphabet, Amazon, and Meta Platforms—have a strong-enough core business to fund most of their data center build-outs. Amazon, Microsoft, and Alphabet are seeing this spending pay off, while questions remain surrounding Meta Platforms' spending. Microsoft's AI business has an annual run rate of $37 billion, growing at a 123% pace, and Azure grew revenue by 40%. Amazon Web Services (AWS) accounted for 59% of Amazon's operating profits in the first quarter, and AWS grew revenue at a 29% clip in Q1. Amazon is spending the most on capital expenditures this year, with expected spending of $200 billion. Alphabet is pushing its own AI model, Gemini, and has integrated that into its core search business.