July suggests investors are not turning against AI spending.
Microsoft gained 20.9% and Amazon 12.4%, despite both deploying enormous amounts of capital.
The difference is that their capex intensity remains relatively modest compared with some peers: roughly 5% of market value for Microsoft and 9% for Amazon.
Move higher up the chart and the picture changes. Meta, with capex equivalent to around 13% of its market value, fell 9.2%. Oracle sits near 24% and lost 8.5%.
Alphabet Inc. provides another contrast: one of the largest absolute spenders, but only around 6% relative to its valuation, finished July roughly flat.
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