Tech’s capital bills are outpacing even those of asset-heavy businesses like oil
Moving ones and zeros around the Internet is getting to be more expensive than keeping the oil flowing.
As the most recent round of earnings reports made clear, Big Tech had a record year of capital spending in 2018. Google-parent Alphabet alone saw its capital bill surge 91% from the year before to $25.1 billion. In a report Thursday, Michael Nathanson of MoffettNathanson noted that this made the Internet giant the largest spender in the S&P 500, even outranking asset-heavy businesses like oil giant Exxon Mobil.
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