Three of the biggest US tech companies reported record profits and record infrastructure spending on Wednesday, fueling speculation about a possible AI market bubble.

Three of the biggest US tech giants—Microsoft, Meta, and Google—sent investors a blunt message when they reported quarterly earnings on Wednesday: Their lavish spending on AI infrastructure is only just getting started.

Meta said that ​​its capital expenditure would total between $70 billion and $72 billion this year, up from its previous lower forecast of $66 billion to $72 billion. Meta’s chief financial officer Susan Li said that she expected the company's spending would be “notably larger" next year. The social media giant’s soaring investment matches its soaring revenue: Meta reported raking in $51.24 billion last quarter, up 26 percent year-over-year.

CEO Mark Zuckerberg said the company would keep pouring money into infrastructure to meet rising demand for AI and to prepare for potential major breakthroughs in the technology. "There's a range of timelines for when people think that we're going to get superintelligence," Zuckerberg said on a conference call with analysts. "I think that it's the right strategy to aggressively front-load building capacity, so that way we're prepared for the most optimistic cases."

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