Shares of big tech companies have coasted through this year on AI euphoria, but as Microsoft, Alphabet and Meta prepare to report results this week, some investors are starting to ask how much those AI advancements might actually cost.

Those questions have surfaced after several months during which simply saying “AI” on earnings calls appeared to be enough for investors. If the economy sours though — as some expect in the second half of this year or next year — big tech’s AI ambitions could go with it.