Corporate America’s massive AI investments have delivered “zero financial payoff” outside the Magnificent 7, a new Apollo analysis found, intensifying investors’ fears over big AI spending ahead of critical Big Tech earnings this week.

Alphabet, Microsoft, and Amazon are expected to report strong growth, but beating estimates is no longer sufficient to steady a market that’s fixated on AI spending and returns: Investors have “absolutely no patience right now for higher capex,” a portfolio manager told Bloomberg, and are growing anxious for proof of AI’s costworthiness amid elevated interest rates and energy costs.

The fear is that “we’re going to end up converting all these data centers into pickleball facilities,” an investment analyst told The Wall Street Journal.