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As they ramp up their AI investments, tech companies also are spending more than analysts anticipated on capital expenditures such as data centers and servers.

The social media giant is planning to invest up to $65 billion in capital expenditures, grow its AI teams and build a massive data center, he said in a Facebook post.

Petroineos stated that the size of the site meant that "high levels of capital expenditure each year" were spent on it, which outweighed the company's earnings.

Alphabet said that it spent $12 billion on capital expenditures in the first quarter, soaring 91 percent from a year earlier.

It plans to use net proceeds — which it estimated at $198 million assuming an IPO price of $88 — for general corporate purposes including working capital and capital expenditures.