The Google logo on the Google house at CES 2024, an annual consumer electronics trade show, in Las Vegas on Jan. 10, 2024. Steve Marcus/ReutersTech giant Alphabet beat Wall Street expectations for its latest quarter on Feb. 4 and said it plans to more than double capital spending this year, a sharp escalation that puts the Google parent at the center of an intensifying U.S. investment cycle spanning Big Tech, defense manufacturing, and industrial equipment.Executives characterized the spending surge as a direct response to soaring demand for artificial intelligence compute—and an increasingly tight supply environment for the power, land, and hardware needed to build it.
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