Why tech companies are focusing on capital expenditures cutbacks

Tech stock gains are driving Nasdaq growth in 2023. Besides AI adoption, tech leaders' willingness to cut back on capital expenditures may be driving this rally. Yahoo Finance Tech Reporter Allie Garfinkle explains the ways tech giants such as Amazon (AMZN), TSMC (TSM), and Meta are reducing their CapEx and how investors should reconsider their definitions of growth amid cost-cutting strategies.