Hyperscaler capex hits $700 billion in 2026, up 60% year-over-year on AI infrastructure
Capital expenditures by the four hyperscalers are projected to reach close to $700 billion in 2026, a 60% increase from 2025, with most spending directed to chips, networking, and memory for AI infrastructure.
Capital expenditures by the four hyperscalers are projected to reach close to $700 billion in 2026, representing more than 60% growth from the historic levels reached in 2025 [2]. Most of that spending flows into chips, networking, and memory as the companies load up on AI infrastructure [1].
The hyperscalers — Amazon, Google parent Alphabet, Meta, and Microsoft — announced the major capex increases for 2026, sustaining a build-out that analysts say has significant runway remaining [2]. AI spending as a share of GDP still runs well below past technology cycles, leaving the infrastructure expansion room to keep growing rather than roll over [1].
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