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Explore the researchAI infrastructure · 2026
Guidance, actual spend, and the accounting behind each number. Go straight to the source.
About $175B
Microsoft guides to about $175 billion of calendar-2026 capital expenditure, per CFO Amy Hood on the July 29, 2026 fiscal Q4 call. That is down from about $190 billion only because more data-center leases became operating leases, which capex excludes. Fiscal Q4 capex (April–June 2026) was $41 billion, including $5.6 billion of finance leases.
About $220B
Amazon expects about $220 billion of companywide cash capital expenditure in 2026, raised on July 30, 2026 from about $200 billion, mainly on memory costs. It covers AWS and AI plus fulfillment, robotics and satellites. Cash property purchases were $98.4 billion in the first half (Forms 10-Q), about 45% of the plan.
$195B–$205B
Alphabet guides to $195 billion–$205 billion of 2026 capital expenditure, raised on its July 22, 2026 Q2 call from $180 billion–$190 billion. That is roughly double 2025's $91.4 billion at the midpoint. Q2 2026 capex was $44.9 billion, about 60% servers and 40% data centers and networking, after $35.7 billion in Q1.
$130B–$145B
Meta guides to $130 billion–$145 billion of 2026 capital expenditure, including finance-lease principal, after raising the low end from $125 billion in its July 29, 2026 Q2 results. Reported capex was $19.84 billion in Q1 and $31.08 billion in Q2, so first-half spending of $50.92 billion equals 35%–39% of the full-year range.
AI infrastructure decision system
Start with the spending envelope, preserve the accounting differences, locate the physical bottleneck, and test whether the new capacity is producing a return. Each page answers a different investment question.
Big Tech plans $720B–$745B of 2026 capex. Alphabet alone guides to $195B–$205B, up from $91.4B in 2025. Here's each company's number and spend so far.
Big Tech's 2025 capex hit 1.22% of US GDP, the telecom bubble's peak share. Free cash flow is down 35% since 2024, and three of the four have nearly tripled their debt.
Microsoft reported $31.9B of capex but $30.9B of cash spent in one quarter. Why Big Tech's AI budgets don't compare, and how to line them up.
Meta spent $31.08B on capex in Q2 and kept $784M of free cash flow. Five tests for whether Big Tech's AI spending is actually paying off.
Hyperscalers have $720B-$745B of capex to deploy, but the slowest part sets the pace. Tracking power, HBM, packaging, networks and construction.
Microsoft, Amazon, Alphabet and Meta plan $720B-$745B of 2026 capex. Where that money flows, from chips to power, and who keeps the profit.
Open data · reviewed 2026-10-06
Microsoft, Amazon, Alphabet, and Meta 2026 guidance and reported quarterly spend in CSV or JSON, with a field dictionary, sources, and limitations intact.
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Analysts expect Alphabet, Amazon, Microsoft and Meta to spend about $935B on capex in 2027. None has given a number yet. Here's what each said, and the math.
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An HBM stack can hold 12 memory dies, and one bad layer can scrap it. Why wafer starts overstate AI memory supply, and where output really bottlenecks.
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NVIDIA's H200 moves 4.8 TB of data a second through its HBM. What high-bandwidth memory is, why AI chips starve without it, and what investors should watch.
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A data center can be built in 1-3 years. The grid upgrade it needs can take 5-15. Why AI's power problem is connection, not generation, and what to track.
Big Tech spent $131.6B on infrastructure in Q1 but booked just $34.0B of depreciation. Why AI's cost hits cash flow long before it hits earnings.
GE Vernova booked more data-center orders in one quarter than in all of 2025. How AI spending now moves power prices, trade, inflation and credit.
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The research stays open. Members get the monthly flagship, the weekly checkpoint, and the evidence that would break the call. $39/month or $249/year.
Members-only research
$39/mo or $249/yr · cancel future renewals anytime · sources included
The research stays open. Members get the monthly flagship, the weekly checkpoint, and the evidence that would break the call. $39/month or $249/year.
Members-only research
$39/mo or $249/yr · cancel future renewals anytime · sources included