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AI Love you

Big Tech’s big AI love affair — in quotes

AI is the apple of tech’s eye.

8/8/25 9:27AM

Big Tech’s love affair with AI saw no signs of faltering during the latest earnings season. Combined, Amazon, Google, Meta, and Microsoft spent a record of nearly $90 billion on capex last quarter and have promised even bigger spending in the future.

To justify those mammoth expenses, their CEOs spent their earnings releases and calls extolling the virtues of AI and how it’s contributing to their top and bottom lines.

Here’s what they had to say.

Amazon CEO Andy Jassy
Mentions of “AI” on earnings call: 39

“Our AI progress across the board continues to improve our customer experiences, speed of innovation, operational efficiency, and business growth, and I’m excited for what lies ahead.”

Alphabet CEO Sundar Pichai
Mentions of “AI” on earnings call: 86

“Q2 was a standout quarter for us with robust growth across the company. As you saw at I/O, we are leading at the frontier of AI and shipping at an incredible pace. AI is positively impacting every part of the business, driving strong momentum.”

Microsoft CEO Satya Nadella
Mentions of “AI” on earnings call: 51

“It was a very strong close to what was a record fiscal year for us... The rate of innovation and the speed of diffusion is unlike anything we have seen. To that end, we are building the most comprehensive suite of AI products and tech stack at massive scale.”

Meta CEO Mark Zuckerberg
Mentions of “AI” on earnings call: 72

“On advertising, the strong performance this quarter is largely thanks to AI unlocking greater efficiency and gains across our ad system... AI is significantly improving our ability to show people content that they’re going to find interesting and useful.”

Even Apple, which historically has lagged far behind its Big Tech peers in AI spending, committed to opening up its giant wallet for AI.

Apple CEO Tim Cook
Mentions of “AI” on earnings call: 26

“We see AI as one of the most profound technologies of our lifetime. We are embedding it across our devices and platforms and across the company. We are also significantly growing our investments.”

Jon Keegan

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“We believe the AI Revolution is now heading into its next stage of growth as the tidal wave of Big Tech capex spending coupled by enterprise use cases now exploding across verticals is creating a number of AI winners in the tech world. The last few months we have seen a major validation moment for our AI Revolution bull thesis as the cloud stalwarts Microsoft, Amazon, and Google are leading the charge on this unprecedented spending cycle. Nvidia’s recent robust earnings and demand commentary from the Godfather of AI Jensen speaks to the evolution of AI spend now spreading beyond Big Tech to governments, enterprises, energy capacity, and overall infrastructure build outs around the globe.”

He does not consider it a bubble — or at least not yet. “While there are worries about an ‘AI Bubble’ and stretched valuations we continue to view this as a 1996 Moment for the Tech World and NOT a 1999 Moment,” Ives wrote, suggesting the situation is more like the early days of the internet, when there was a lot of investment in internet companies and a lot of experimentation — and when the dot-com bubble bursting was still a few years off.

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That $310 price target is the highest among Wall Street analysts polled by Bloomberg.

Ives said the Street’s estimate of about 230 million iPhone unit sales for Apple’s upcoming fiscal year is conservative and instead thinks the company is on track to sell 240 million to 250 million units in FY26. Ives wrote:

“The combination of a pent-up consumer upgrade cycle with our estimates of 315 million of 1.5 billion iPhones globally not upgrading their iPhones in the last 4 years, coupled with some design changes/enhancements have been the magical formula out of the gates.”

Sherwood News reported last week that redesigned iPhone models, which went on sale Friday, are seeing more interest than they have in three years — a phenomenon we speculate might have less to do with the iPhone itself and more to do with a natural upgrade cycle, as the rush of phones purchased in 2020 and 2021 become obsolete.