The biggest tech companies are in strong financial shape. But spending on artificial intelligence is weakening them—and altering the dynamics of their businesses in ways that should change how investors view them.

Believing that AI is going to transform the tech landscape and the global economy, Microsoft MSFT 1.37%increase; green up pointing triangle, Alphabet’s GOOGL -0.78%decrease; red down pointing triangle Google and Amazon.com have gone on spending sprees over the past three years. Those companies together will have spent over $600 billion between 2023 and this year, if forecasts from the companies and analysts hold.

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