According to CoinMeta, as reported by Coinpaper, despite large tech companies investing tens of billions of dollars in artificial intelligence, the increasing capital expenditures do not necessarily mean that these investments create value for shareholders. The key question for investors is whether Microsoft, Amazon, Google, or Meta's spending on GPU and data centers can generate sufficient additional revenue and free cash flow to achieve attractive investment returns. According to Coinpaper's estimates, the capital expenditures of the five largest U.S. megacorporations will reach approximately $697 billion in 2026, which is a significant increase from 33% in 2023. Taking Microsoft as an example, in the second quarter of 2026, its capital expenditure was about $41 billion, and the revenue from Azure and other cloud services increased by 43% year-on-year. Google Cloud's revenue grew by 82%, reaching $24.8 billion. Alphabet spent $80.6 billion on capital expenditures in the first half of the year and raised its full-year forecast to $195 billion to $205 billion. Investors should pay attention to whether capital expenditures are accompanied by faster growth in related businesses.