Over the last seven weeks, the historic upward trajectory of semiconductor stock prices has given some investors flashbacks to the “bubble peak” of 2000. While these comparisons make dramatic news headlines, they largely neglect the backdrop that fueled the events of nearly 30 years ago.

The numbers coming out of the first quarter earnings season were, by any historical standard, staggering. Amazon, Alphabet, Microsoft and Meta, the four largest cloud and technology platforms, accounted for $650 to $700 billion in capital expenditures (capex) for 2026. That is nearly double what the same group spent in 2025, and larger than the GDP of most countries. The AI infrastructure buildout is no longer a promise; it is a fact inscribed in balance sheets.

In this quarter’s Wealth Management Insights video, "Impediments and Benefits of a Current Estate Plan," Mary Lago, CFP®, CTFA, explains that although people often delay estate planning due to common psychological and practical barriers, creating a thoughtful, up-to-date plan provides significant benefits.