Jim Cramer says the market has warmed up to Big Tech's AI spending. Here's what flipped the switch

Impact · against what's priced in

Amazon's stock is reacting to the resolution of a primary valuation dispute regarding AI ROI, while Meta and Alphabet face increased pressure due to a lack of similar clarity. Microsoft remains a stable baseline because its monetization is already observable through FCF and subscriptions.

AMZN+0.70

Challenges what's priced in

The price assumes

FCF normalization: 2026-27 capex of $200-220bn earns its return