This quarter was another glimpse into Big Tech's balancing act of maintaining the cost discipline vs investing in AI.

The largest tech companies have continued to get fitter and have optimised spend to prioritise cash flows. Investors love to see this. Revenue growth is picking up again from the lows of 2022.

They are leaner and are generating higher cash flows in the short term which investors are putting a much higher value on. As they ramp up AI related spending again, the balancing act might not last for long.

But this is what it takes to create trillions in shareholder value.