AI infrastructure spending is still the key theme to watch right now. The current 2026 capex estimates for the major hyperscalers are around $725 billion.
The biggest spenders are looking like:
- $Amazon.com(AMZN)$ at about $200 billion
- $Microsoft(MSFT)$ around $190 billion
- $Alphabet(GOOGL)$ also around $190 billion
- $Meta Platforms, Inc.(META)$ at roughly $145 billion
All four report earnings in late July, and updated 2026 capex guidance could be a major catalyst.
Given the acceleration in memory costs, AI compute demand, and data center expansion, the big question is whether these companies will raise their spending expectations even higher. The AI buildout isn't slowing down, and the next round of capex revisions will likely show who's still investing aggressively.
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