Tech giants are supposed to be spending less. Nvidia is selling boatloads of GPUs. Both things can't be happening at once.

• Big tech companies have been trying to keep a lid on spending plans. 
• Nvidia is selling billions of dollars worth of GPUs for AI data centers. 
• Both things can't be happening at the same time. 

2023 was supposed to be the year of austerity for Big Tech. The AI arms race is changing that. 

Amazon, Google, Meta and Microsoft have cut thousands of jobs in the past year, while trimming capital expenditure plans to please Wall Street. It worked. Their shares rebounded a lot.