The AI CapEx Divide: What FAANG’s Q1 2026 Results Really Show

For a while, AI has been discussed mainly as a product story. Who has the best model? Who has the best assistant? Who has the best demo? Q1 2026 results suggest the discussion is shifting. In that quarter, Meta, Alphabet, and Amazon spent over $100 billion on capital expenditures, while Apple and Netflix barely registered on the same scale. AI is no longer just a product story. It is becoming a…