Meta, Amazon, and Alphabet are spending big in a battle to dominate AI. It might not end well.

• Big Tech executives admit they're spending a lot, maybe too much, on AI.
• But Meta and Alphabet leaders say the big spending is necessary to stay competitive.
• Investors, meanwhile, are eager to see returns on their investments.

AI is burning a big hole in the pockets of Big Tech.

Leaders at Meta and Alphabet have conceded that they might be funneling too much money into AI out of fear of falling behind in the arms race.