The titans of the technology sector are ramping up their spending on artificial intelligence, as they rush to reap the benefits of an AI boom that has pushed stocks to record highs.

Earnings reports from Meta, Alphabet and Microsoft on Wednesday reaffirmed the colossal amounts of money these firms are shelling out for everything from data centres to chips, even as questions swirl about returns on the investments.

Meta said its capital expenditures for 2025 will be between $70bn (£53bn) to $72bn, up from an earlier estimate of $66bn to $72bn.

Its spending growth in 2026 is poised to be "notably larger" than this year, the company said. Meta is seeking to compete with companies like OpenAI.