S&P Global has warned that Big Tech's $635 billion in AI spending could be a major test for its ability to cope with rising energy costs. The figure is up from $383 billion the previous year and only $80 billion in 2019. This could be problematic for companies if capex numbers are not reflected in earnings. The surge in AI shares has led to a decrease in global stock indexes, but the trend has since lost steam since the conflict of populism.