Apple, Amazon, Meta and Google all pledged to ramp up AI infrastructure spending

Federal reserve chair Jerome Powell recently poured cold water on mounting fears that the AI boom is heading for a spectacular bust, arguing that the current surge in investment bears little resemblance to the dot-com frenzy that ended in tears two decades ago.

In a press conference following the Fed’s latest rate decision this week, Powell stated that today’s AI leaders are not riding a wave of speculation, but rather building real, profitable businesses, and in doing so, powering a crucial leg of America’s economic growth.

“This is different in the sense that these companies [today] that are so highly valued actually have earnings and stuff like that,” he said. “If you go back to the nineties and the dot-

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