When investors heard the news from Google and Microsoft, they were thrilled. Both companies reported double-digit growth in cloud revenue. Meta, not being in the business of cloud computing, took a beating in its stock price after noting rising spending on AI infrastructure. Even though the company’s advertising business has grown with the adoption of AI and its overall revenue topped expectations, investors seem to see a clearer through-line from AI infrastructure investment to cloud computing than to ads.

Seriously, eff these investors. And of course the international conglomerate corps.