Investor attention is moving beyond whether Big Tech’s AI spending is justified and toward which businesses can turn that spending into sustained profit growth. Recent earnings from Microsoft and Amazon helped reassure markets that demand for AI infrastructure remains strong, with cloud growth accelerating and capacity still tight, prompting some large asset managers to add to positions in hyperscalers, the biggest cloud service providers. Investors still hold semiconductor names despite a July selloff, but many increasingly see the longer-term AI opportunity as broader than a simple contest between chipmakers and cloud providers. Portfolio managers at Wellington Management, Janus Henderson and Capital Group said scale, customer relationships and control over computing capacity could give Amazon, Microsoft and Google more durable advantages than neocloud providers such as CoreWeave and Nebius, which have benefited from scarce AI capacity and elevated spot pricing. Reuters estimates hyperscalers will generate about $340 billion more in annual operating cash flow in 2027 than in 2025, while capex rises by roughly $534 billion. Even so, investors cautioned that higher capital intensity could weigh on valuations, neoclouds could suffer if new supply lowers pricing, and the number of eventual AI winners may shrink as the market matures.