Our chart of the week shows a notable inflection in big tech as capital efficiency has declined at Meta (Facebook), Alphabet, Microsoft, and Amazon amid aggressive investment in AI infrastructure such as cloud networks, GPUs, and data centers. Revenue growth has not yet matched the rapid expansion of fixed assets, reflecting a phase where spending is running ahead of returns. Apple remains a clear outlier, sustaining high efficiency through its asset‑light, ecosystem‑driven model. The contrast highlights two divergent approaches, building the infrastructure that powers AI versus extracting value from it. While consensus estimates suggest efficiency may begin to stabilize later in the decade, the core investor question is whether today’s elevated capex ultimately fuels the next phase of durable growth.