2026 has seen US tech giants throwing enough capex at AI infrastructure to fund a small country. Amazon has guided capex that is roughly half of South Africa's entire GDP!

But with fracture lines appearing in the AI landscape, is the ROI really justifiable? And if not, will Big Tech even feel it, or will someone else be left to foot the bill?

In this episode of Magic Markets, The Finance Ghost and Mohammed Nalla explore the dangerous games that giants like Amazon, Alphabet and Microsoft are playing, exhausting their free cash flow on data centres and AI projects with a potential half-life of an overripe avocado.

Alphabet is borrowing money from a hundred years down the line. Is that the sign of the top? And if not, then what is?

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Disclaimer: This podcast is for informational purposes only and does not constitute financial or investment advice. Please speak to your personal financial advisor.