Yahoo Finance analysis indicates that despite significant capital expenditures by Google (Alphabet) and Amazon on AI infrastructure, their cloud businesses (AWS and Google Cloud) are experiencing strong demand and generating substantial returns on investment, making both companies attractive buys. Amazon plans approximately $220 billion in capital expenditures this year, with a backlog of $496 billion, and its AWS business is projected to reach $1 trillion in the coming years. Google plans up to $205 billion in capital expenditures this year, with a backlog of $514 billion, and its custom AI accelerator business is twice the size of the second-largest hyperscaler.