Four major technology companies have outlined plans to spend more than $740 billion on capital projects in 2026.

Large investments in long-term things a company needs, such as buildings or equipment.

The spending is widely read on Wall Street as investment in AI infrastructure, including data centers and chips.

Many people understand or interpret the spending in this way.

The spending is widely read on Wall Street as investment in AI infrastructure, including data centers and chips.

The equipment and facilities needed to build and run AI systems.

That question has become sharper as concerns grow about negative free cash flow: a company spends more cash than it brings in.

Cash left after a company pays its costs; negative means it spends more than it receives.

The Financial Times reported that OpenAI lowered its fundraising target to $20 billion, with an initial close expected to be smaller.

The amount of money an organization aims to raise from investors.

The Financial Times reported that OpenAI lowered its fundraising target to $20 billion, with an initial close expected to be smaller.

The first completed part of a fundraising round, when some money is secured.

The Wall Street Journal reported that OpenAI had secured $11 billion so far and that some large investors had responded tepidly.

Showed little excitement or interest in response.

There is also a warning in the outlook for Anthropic, another AI company preparing to go public.

To begin selling a company's shares to the public on a stock market.

The Financial Times reported that Blackstone expects Anthropic to receive a high junk rating after its planned IPO.

A low credit grade that signals a company may have trouble paying back debt.

Investors are concerned about mounting debt and whether these large investments will generate enough returns.

Debt that is growing larger over time.