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The Marijuana Industry Hopes for New Highs

The company didn’t disclose how much of that revenue came from A.I., but executives noted an increase in the availability of such services. (Amazon has invested billions in the hot A.I. start-up Anthropic, and it’s making the A.I. chatbot Q more widely available via A.W.S.)

Wall Street approves of some kinds of A.I. spending. Shares in Microsoft and Alphabet jumped after their earnings reports last week, but those in Meta slumped — despite all three announcing that they were going to spend a lot more on the technology. (So will Amazon: Brian Olsavsky, its C.F.O., told analysts on Tuesday that the $14 billion that his company spent on capital expenditures and leases this quarter would be the low point of the year.)

A big difference: Alphabet, Amazon and especially Microsoft reported gains in their cloud businesses, most likely because of increased corporate demand for the computing services to support their A.I. applications. Meta, whose A.I. applications are more focused on consumer-facing services, will probably take longer to see its huge investments in the technology pay off.

Others in tech are also looking at A.I. infrastructure for opportunities. Data centers are one area of interest. The private equity giant Silver Lake led a $6.4 billion investment this year in a major data center provider, while Alphabet, Amazon, Microsoft and Meta are also spending big on their own centers.

The energy demands of the industry are another focus: Sam Altman, OpenAI’s C.E.O., has backed a nuclear fusion start-up to provide more electricity to power A.I. hubs.


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