Never stopsWe were waiting for AI capex discipline. Instead, forecasts keep moving higher. Barclays now expects hyperscaler spending to surpass $1.1 trillion by 2028—roughly $240 billion above the Street—while cash flow pressure and debt issuance continue to climb.
The Hyperscaler Capex Just Keeps Getting Bigger And Bigger
Investors expected spending to peak. Barclays now sees over $1.1 trillion of hyperscaler capex by 2028, forcing investors to confront the implications for cash flow, debt issuance and future returns.
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