The three biggest cloud players — Amazon, Alphabet, and Microsoft — are not burning cash for drama: they are rebuilding the industrial plumbing of the 21st‑century internet to win the AI economy. What looks like a ruthless capital deluge — $100 billion from Amazon, roughly $80 billion from Microsoft, and about $75 billion from Alphabet in their recent capex plans — is a rational, long‑horizon strategy to own compute, latency, energy, and the customer relationships that determine who profits...