Last updated: July 12, 2026 — figures reflect company guidance and reporting as of this date. This page is updated after each earnings season.
If you own any AI infrastructure stock — cooling, power, memory, networking — there is exactly one number upstream of your entire thesis: hyperscaler capex. When Microsoft, Alphabet, Amazon, and Meta raise their capital spending guidance, orders eventually flow down to every company we cover on this blog. When they cut, everything downstream feels it. So Ajussi built this tracker: one page, updated every earnings season, showing who is spending what and where the money actually goes.
The Big Four: 2026 Hyperscaler Capex at a Glance
| Company | Ticker | 2026 Capex Guidance (approx.) | Trend vs. 2025 |
|---|---|---|---|
| Amazon (AWS) | AMZN | ~$200B | Raised — largest spender |
| Alphabet (Google Cloud) | GOOGL | ~$185B | Raised repeatedly through H1 |
| Meta Platforms | META | ~$125–145B | Raised, citing memory prices and added data centers |
| Microsoft (Azure) | MSFT | ~$120B (calendar-year basis) | Elevated; fiscal year ends June |
Add it up and the four largest hyperscalers have guided to roughly $700–725 billion of combined capital spending for 2026 — up from about $410 billion in 2025, an increase in the neighborhood of 75%, per reporting from CNBC and industry analysts. For context, that single-year jump is larger than the entire annual capex of the global oil majors combined. Analysts are already discussing a path above $1 trillion in 2027. Figures are approximations from company guidance and can change at any earnings call — treat the table as a snapshot, not gospel.
Where the Money Actually Flows
Headlines focus on GPUs, but a data center is mostly not chips. Industry analyses of the AI buildout through 2030 consistently sketch the same rough split: the largest share goes to compute hardware (GPUs, custom silicon, servers, memory), roughly a quarter flows to power, electrical equipment, and cooling, and the remainder goes to land and construction. That second bucket is where most of the companies on this blog live. Here is the map, with our full analysis linked for each lane.
Lane 1: Compute & Memory
Every AI server needs high-bandwidth memory stacked next to the GPU. This is the most direct beneficiary lane — and the most crowded trade. Our breakdown: HBM Memory Stocks 2026.
Lane 2: Power & Electrical Infrastructure
Every gigawatt of new AI capacity needs transformers, switchgear, UPS systems, and power distribution — before a single GPU boots. Deep dives: Eaton Power Stocks: 5 Data Center Picks and Vertiv Stock Analysis 2026.
Lane 3: Cooling — Air Out, Liquid In
Blackwell-class GPUs pushing past 1,000W per chip have made liquid cooling mandatory at scale, and consolidation has already started — Ecolab paid $4.75 billion for CoolIT in 2026. Our coverage: the Ecolab-CoolIT deal, nVent Electric, and Modine Manufacturing.
Lane 4: Networking
Tens of thousands of GPUs are useless unless they can talk to each other at extreme bandwidth. Our picks: AI Networking Stocks 2026.
Prefer One Ticket for the Whole Ride?
If picking lanes feels like too much, there are funds that bundle the theme: Best AI Infrastructure ETFs for 2026.
Why This Number Rules Everything Downstream
Think of hyperscaler capex as the water level of the whole AI infrastructure lake. Vertiv’s backlog, Eaton’s data center orders, HBM contract pricing, nVent’s cooling growth — all of it is downstream of four budget lines set in Redmond, Mountain View, Seattle, and Menlo Park. That’s why every earnings season, before I look at any supplier’s numbers, I check whether the Big Four raised or held their guidance. Suppliers can execute perfectly and still get crushed if the water level drops.
The bear case is equally simple: this pace of spending is running far ahead of AI revenue, and markets have started asking when the gap closes. If AI monetization disappoints through 2027, capex guidance gets cut — and high-multiple infrastructure names would correct hard. Owning this theme means watching this page, not just the stocks.
What to Watch Next
The next hyperscaler capex update lands after the July–August 2026 earnings round, when all four report. Three things I’ll be checking: whether Meta’s raised range ($125–145B) moves again, whether Amazon confirms the ~$200B pace for a full year, and any first official commentary on 2027 budgets — analysts already whisper about a combined $1 trillion. Bookmark this page or find it anytime in the sidebar under Ajussi’s Picks.
Update Log
- 2026-07-12 — Tracker launched with FY2026 guidance: combined ~$700–725B (AMZN ~$200B, GOOGL ~$185B, META $125–145B, MSFT ~$120B). Baseline 2025: ~$410B.
FAQ
Q: How often is this tracker updated?
The hyperscaler capex table above is refreshed after each quarterly earnings season for the Big Four — roughly every three months, with the date stamped at the top of the page.
Q: Are these exact figures?
No. They are approximations built from company guidance, earnings commentary, and reputable reporting, and companies revise guidance mid-year. Always check the companies’ own investor relations pages for precise, current numbers before making decisions.
Disclaimer: This page is for informational purposes only and is not financial advice. Capex figures are company guidance approximations as of the last update date and may have changed. Do your own research.
