Major Tech Firms Lead Trillion-Dollar Surge in Generative AI Spending
USA News Group Commentary
Issued on behalf of Avant Technologies Inc.
VANCOUVER, BC, July 30, 2024 /PRNewswire/ — Large tech companies have ramped up their spending on developing generative artificial intelligence (genAI), banking on big financial returns in the future. According to a report from Goldman Sachs, these tech giants are set to spend over $1 trillion on AI capex in coming years, generating more and more costs along the way. Another major private-equity firm, Blackstone Inc. (NYSE: BX), is betting on the AI surge to continue, predicting double that of Goldman Sachs, by including another $1 trillion in capital expenditures outside of the United States. Behind the scenes are several developers facilitating this push, providing new AI infrastructure solutions to tech giants and clients, including from Avant Technologies Inc. (OTCQB: AVAI), Vertiv Holdings Co (NYSE: VRT), Microsoft Corporation (NASDAQ: MSFT), and Lumen Technologies, Inc. (NYSE: LUMN).
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