A record number of data centers are in the works for next year

In 2025, more data centers will be under construction in the US than ever before, according to a new forecast from real-estate services firm CBRE. The firm is expecting 4,750 data centers will be in the process of being built in primary markets, up from this year’s record of 4,250.

For context, nearly as many data centers are currently being built as already exist in the US. And much of that construction is already spoken for. Amid record-low vacancy rates, a record share of construction is being leased before it’s even finished.

Part of the reason for the uptick in building is US tech companies’ insatiable demand for AI, which requires these data centers to power it. The other part is supply: construction is taking a lot longer, as developers await updated or increased power infrastructure to deal with their massive energy needs.

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Google uses an AI-generated ad to sell AI search

Google is using AI video to tell consumers about its AI search tools, with a Veo 3-generated advertisement that will begin airing on TV today. In it, a cartoonish turkey uses Google’s AI Mode to plan a vacation from its farm before it’s eaten for Thanksgiving.

Like other AI ad campaigns that have opted to depict yetis or famous artworks rather than humans, Google chose a turkey as its protagonist to avoid the uncanny valley pitfall that happens when AI is used to generate human likenesses.

Google’s in-house marketing group, Google Creative Lab, developed the idea for the ad — not Google’s AI — but chose not to prominently label the ad as AI, telling The Wall Street Journal that consumers don’t actually care how the ad was made.

Exclusive | Google’s First AI Ad Avoids the Uncanny Valley by Casting a Turkey

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Amazon, Alphabet, Meta, and Microsoft combined spent nearly $100 billion on capex last quarter

The numbers are in and tech giants Amazon, Alphabet, Meta, and Microsoft spent a whopping $97 billion last quarter on purchases of property and equipment. That’s nearly double what it was a year earlier as AI infrastructure costs continue to balloon and show no sign of stopping. Amazon, which reported earnings and capital expenditure spending that beat analysts’ expectations yesterday, continued to lead the pack, spending more than $35 billion on capex in the quarter that ended in September.

Note that the data we’re using here is from FactSet, which strips out finance leases when calculating capital expenditures. If those expenses were included the total would be well over $100 billion last quarter.

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Slicing the Pie

The best analyst questions from Apple’s earnings call

Apple even answered some of them!

Apple reports Q4 earnings and revenue slightly above Wall Street estimates

The iPhone maker reported its FY 25 fourth-quarter earnings Thursday.

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#10

Rani Molla10/30/25

Tesla just recalled its beleaguered Cybertruck for the 10th time since the vehicle was introduced two years ago. This time the company recalled about 6,000 of the “apocalypse-proof” vehicles due to what the National Highway Traffic Safety Administration says is an improperly installed “optional off-road light bar accessory” that could become disconnected from the windshield while driving, and could “create a road hazard for following motorists and increase their risk of a collision.”

CEO Elon Musk once said he could sell up to 500,000 of the stainless steel behemoths a year. In the first three quarters of this year, the company has sold only about 16,000.

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