Google, Meta and Amazon are facing an expensive AI risk that nobody is paying attention to
1. Big Tech, including GOOGL, plans $274 billion in capex for AI infrastructure. 2. Escalating depreciation costs may impact profit margins as AI revenue grows slowly. 3. Bank of America sees a $7 billion discrepancy in GOOGL's 2027 estimates. 4. AI infrastructure overbuilding risks commoditizing AI products and decreasing profits. 5. GOOGL's revenue growth may fall behind rising depreciation and amortization costs.