AI Adoption Broadens but Monetization and Productivity Evidence Remains Limited

A fund manager questions whether Microsoft’s forecast $175B of 2026 capex can earn adequate returns, underscoring the need for evidence of investment payback. New broad earnings and macro commentary likewise contrasts AI-linked growth with rising concern over spending, while a Fed-focused discussion raises the possibility that infrastructure costs may precede productivity gains. Alphabet’s growth and Google Cloud performance coexist with heavy capex and negative free cash flow; enterprise-agent adoption also needs validation through reliability and measurable customer returns.