BizNews Ricardo Portfolio: Alec Hogg on Big Tech's AI spending race and the JSE's cash handback

Alphabet and Amazon both reported faster growth this week, and Wall Street still wiped roughly half a trillion dollars off Google's parent in a single session, its worst day since listing in 2004. In this Ricardo portfolio update, Alec Hogg explained what had really spooked investors: a cash machine that now needs shareholders' money, and an Amazon spending more on data centres than its business brings in. He set out why the Ricardo portfolio was holding on, the bear case he couldn't dismiss, and the very different picture back home on the JSE, where Reinet kept buying back its own shares and Prosus locked in a payout most investors could collect tax-efficiently by doing nothing at all.