Big Tech AI spending faces a tougher payback test

Coverage continues to weigh AI infrastructure spending against cloud growth, earnings, and cash generation. Recent Anthropic IPO reporting offers proposed pricing, valuation, revenue, and spending figures, but these require verification against primary filings and do not establish a completed offering or durable returns. Wix’s company-reported Base44 ARR milestone adds an AI-product revenue signal, while product-level contribution and retention remain unclear; Menlo’s enterprise-spending estimates and SoftBank’s results remain context, not proof of typical adoption or AI payback.