A Microsoft data center in Aldie, Virginia, on October 28. Lexi Critchett/Bloomberg/Getty Images

Silicon Valley’s mega AI spending spree isn’t slowing down anytime soon. But Wall Street’s patience to see a return might be wearing a little thin.

That message rang clear when Meta, Microsoft, Amazon, Apple and Google parent Alphabet all said this week that they’re forking over more on capital expenditures, like leases and equipment for data centers and infrastructure.

Based on the way analysts grilled executives from companies like Meta, Alphabet and Google on earnings calls this week, they’re eager for signs that these massive investments will pay off in a big way.

AI spending continues to soar

Microsoft, Alphabet, Amazon and Meta all grew their overall revenue year-over-year and

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