Investing Ideas

The new AI playbook: Swapping opex for capex

Companies have been self-funding their massive artificial intelligence (AI) investments, and opex savings could help them continue to do so.

By: Amin Ojjeh Karin Fronczke
Updated: 2/6/2026
Key Takeaways
  • Despite trillion-dollar ambitions, U.S. public companies have largely financed AI buildouts with free cash flow, avoiding the debt-fueled excesses of past tech cycles.
  • The operating expenditures (opex) growth of Mag 7 companies has slowed amid capital expenditure (capex) acceleration, providing a potential blueprint for other companies to fund their AI-driven efficiency projects into the future.
  • Unlike prior investment booms, return on invested capital (ROIC) among major technology firms has remained resilient, suggesting AI is already boosting output and offsetting the heavier capital intensity.
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