Business Insider· 1h ago· 1 min read
<figure><img src="https://i.insider.com/6a6befc7a62e6e00bc538e5b?format=jpeg" height="1540" width="2048" alt="Microsoft CEO Satya Nadella"><figcaption>Microsoft CEO Satya Nadella<p class="copyright">Fortune via Reuters Connect</p></figcaption></figure><ul class="summary-list"><li>A version of this story originally appeared in the BI Tech Memo newsletter.</li><li>Sign up for the weekly <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/tech-memo" data-autoaffiliated="false">BI Tech Memo newsletter here</a>.</li></ul><p>For several years, Big Tech has operated under a simple rule: spend more on AI, or investors will assume you're falling behind. This <a target="_blank" href="https://www.businessinsider.com/big-tech-spending-capex-earnings-season-memory-prices-ai-2026-7">earnings season</a>, that rule may have changed.</p><p>Even a year ago, if one of the…
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