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Alphabet’s chief investment officer responds to Jefferies warning that the most likely outcome of the AI boom is massive U.S. capital destruction

FortuneOctober 17, 20264 min read

"It’s illogical to say we’re in a capacity-constrained position," Ruth Porat told Fortune's Editor-in-Chief Alyson Shontell.

This essay appears in the Oct. 17, 2026 edition of the Fortune 500 Digest newsletter, which rounds up the headlines driving the week’s most important business news and coverage of Fortune 500 companies. Subscribe to receive it in your inbox every Saturday morning. This year, Alphabet said it expects capital expenditures of $195 billion to $205 billion. That’s more than double the $91.4 billion it spent in 2025. When asked whether spending on the…

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