The numbers are getting absurd, and not in the fun way. Amazon, Microsoft, and Alphabet have collectively guided their 2026 capital expenditure to roughly $725 billion, a figure that represents approximately a 77% jump from the $410 billion previously projected for 2025.
The spending spree is driven by one thing: insatiable demand for AI infrastructure. Data centers, servers, networking gear, and most importantly, chips.
The spending breakdown
Amazon is leading the pack with around $200 billion in projected 2026 capex. Microsoft trails closely at approximately $190 billion. Alphabet, not content to be left behind, raised its 2026 forecast to a range of $175 billion to $205 billion after bumping the number up again in July 2026.
Meta rounds out the hyperscaler quartet with a projected $115 billion to $135 billion in capital spending.
