The DeepSeek shock hasn't slowed tech companies' expansion of AI capital spending. Google parent Alphabet said it expects capital spending to reach $75 billion this year, up 43 percent from 2024. That puts Google very close to Microsoft, which has said it will spend $80 billion on artificial intelligence data centers in the fiscal year ending in June. Meta Platforms plans to spend as much as $65 billion on capital expenditures, only slightly behind. Amazon, meanwhile, expects to spend $75 billion in 2024.