Bloomberg Tech AI Spending Delivers Mixed Results to Stocks
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Jan 29, 2026 Gabriela Borgias, an analyst covering enterprise AI and cloud CapEx at Goldman Sachs. She breaks down Microsoft’s 66% CapEx rise and Copilot investments. Discussion covers OpenAI exposure, Anthropic on Azure, and how hardware spending can seed long-term software value. Also touches on AI-driven monetization and risks from contaminated training data.
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Microsoft's CapEx Is Strategic, Not Just Cloud
- Microsoft is allocating CapEx not just to Azure but to Copilot and internal AI R&D, which may delay immediate revenue recognition.
- Gabriela Borgias believes these strategic bets should pay off long-term as enterprise AI adoption increases.
Copilot + Apps Could Be Microsoft's Moat
- Copilot and Foundry create different monetization and benchmarking levers inside Microsoft that can differentiate enterprise offerings.
- Gabriela says marrying LLMs with Microsoft apps may yield superior productivity outcomes over competitors.
Meta's AI Spend Backed By Ad Momentum
- Meta's strong holiday results eased concerns about its heavy AI CapEx by showing ad business growth that can justify spending.
- Shweta Kajuria expects upcoming models need only be competitive to restore investor confidence and enable new monetization paths.