Chart of the Week: 2025’s monster AI spend is now revealed

This is The Takeaway from today’s Morning Brief, which you can sign up to receive in your inbox every morning along with:

With the last of the hyperscalers having reported quarterly results, the market now has a full outlook on the year ahead from the biggest players in AI besides Nvidia (NVDA).

Going into Big Tech earnings, investors had been wondering whether the prospect of potentially “affordable” AI from DeepSeek would undermine the narrative that those hyperscalers — Alphabet,…