The combined capital expenditure guidance for Alphabet, Microsoft, Amazon, and Meta now reaches between $635 billion and $665 billion for 2026, with some estimates exceeding $725 billion. This spending rivals the GDP of many nations.
Amazon leads with approximately $200 billion in planned capex. Microsoft follows at around $190 billion, a 61% year-over-year increase. Alphabet's range is $180 billion to $190 billion. Meta expects to spend between $125 billion and $145 billion.
The earnings reports begin with Alphabet around July 22, followed by Microsoft and Meta near July 29, and Amazon on July 30.
JPMorgan has revised its global AI-related capex estimate through 2030 upward to $5.5 trillion. The bank projects hyperscaler spending alone will surpass $1.1 trillion by 2027.
This spending boom directly impacts the GPU market. Decentralized compute protocols like Render, Akash, and io.net compete for the same hardware that hyperscalers are acquiring in bulk.
AI training and Bitcoin mining also compete for the same low-cost power sources, with some former mining sites now converted to AI data centers. Investors should monitor forward capex guidance and AI revenue timelines during this earnings cycle.