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Big Tech's AI spending has not yet broken returns on invested capitalAn Axios analysis found that Alphabet and Amazon's return on invested capital had risen, Microsoft's was broadly steady and Meta's had declined. It cautioned that off-balance-sheet obligations may make reported returns look more favourable than underlying economics.→Big Tech's AI spending has not yet broken returns on invested capitalAxios's analysis of recent results found that Alphabet and Amazon's return on invested capital has risen, Microsoft's has been broadly steady and Meta's has declined. The analysis also notes that off-balance-sheet obligations may make the picture less favourable than reported figures suggest.→