Big tech companies intensify their pressure to curb social media regulation in the EU The results from the last quarter of 2025 of major tech companies provide a revealing insight into current capitalism. Far from the official narrative of innovation and disruption, the balance sheets show extraordinarily profitable companies that, to maintain their growth, are betting on colossal investments in technologies whose commercial return is still uncertain. In this new era, the business vision is measured in billions invested, not in products that users demand. Silicon Valley seems to be living a grand charade: everything changes so that, in essence, everything remains the same. The figures are eloquent: Amazon plans to invest $200 billion by 2026; Alphabet, between $175 billion and $185 billion; Microsoft has spent $65 billion in six months; Meta expects up to $135 billion. In total, more than $600 billion is allocated to artificial intelligence infrastructure: data centers, chips, cooling systems, and computing capacity for increasingly complex models. To put it in perspective, this is equivalent to the GDP of Switzerland or ten times the adjusted cost of the Apollo program. The question is inevitable: is it necessary to spend so much? Probably not, but competition forces companies not to fall behind in a technological race where stopping means losing. Companies have turned this dynamic into a narrative about the future of humanity, although in reality, it is a flight forward. The six major tech companies are divided into two strategies. Amazon and Apple bet on pragmatism: Amazon invests in infrastructure it already knows how to monetize, with AWS growing 24% and proprietary chips generating over $10 billion annually. Apple, for its part, increases its R&D by 31.7% to nearly $11 billion quarterly, but its focus is on integrating AI into its devices, not building gigantic data centers. The result: $85 billion in iPhone sales in one quarter, thanks to useful and well-integrated AI features. On the other end, Alphabet, Microsoft, and Meta are betting on large-scale speculative investments. Alphabet doubles its annual investment to $185 billion, but its operating margin remains flat, and 75% of its revenue still comes from search advertising, just like twenty years ago. Microsoft, in its transition from software to infrastructure, has spent $37.5 billion in three months on data centers, sacrificing current margins for a promise of future demand. Meta, for its part, loses $17.7 billion in its metaverse division, while 97% of its revenue still depends on advertising on Facebook and Instagram. Tesla, on the other hand, bets on a radically different future: robotaxis and humanoid robots, although commercial results are still modest and the business model is not validated. The paradox of this era is that while tech companies invest historic sums in the future, their profits still depend on traditional businesses: Google with search, Meta with advertising, Amazon renting servers, Microsoft with enterprise software, and Apple selling premium iPhones. The only one that has managed to monetize AI immediately is Apple, integrating it into products that consumers already want. The sector has convinced itself that the only way to remain relevant is to invest relentlessly in the next big revolution. No one can afford to stop. However, margins reveal an uncomfortable reality: AI, far from improving profitability, is eroding it. Additionally, the energy cost of this infrastructure is gigantic, with data centers consuming more electricity than entire countries, posing regulatory and reputational challenges. There is a possibility that the bet on AI will be justified in the future if it truly transforms global productivity. But there is also the option that we are facing an investment bubble, where the pressure not to fall behind leads to massive spending on technologies whose real value is still unclear. The results of 2025 show an industry in transformation, although not necessarily in the direction its leaders proclaim. Behind the rhetoric about the future, big tech companies continue to derive their profits from the same old businesses, now wrapped in an epic narrative and backed by unprecedented investments. The great charade of Silicon Valley continues, and for now, everyone remains in the game.