Capital Expenditures (CapEx) by tech giants have reached unprecedented levels:


The total CapEx of Amazon, $AMZN, Google, $GOOG, Meta, $META, and Microsoft, $MSFT, is expected to surge +98% compared to the same period last year, reaching a record $715 billion by 2026.
This figure is nearly three times the spending level in 2024 and more than five times the level in 2023.
Amazon currently projects CapEx to reach a record $200 billion this year.
Next are Google and Microsoft, both aiming for CapEx levels of $190 billion by 2026.
Meta has also increased its outlook by +$10 billion, to $125-145 billion.
In other words, each company is forecasted to spend nearly the total amount they spent over the past two years combined by 2026, or even more.
The AI revolution is about to accelerate.
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