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A new NBER paper modeling the AI investment boom finds the five largest US technology firms spent $380 billion on capital expenditure in 2025, and are forecast, on the authors' industry-forecast calibration, to spend roughly $760 billion in 2026
Verified 2026-09-27
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- While Amazon, Microsoft, Meta, Alphabet and Oracle have all sharply increased AI capital spending, Apple's cash paid for property, plant and equipment in the nine months to 27 June 2026 actually fell, to Apple's nine-month capex of $6.8 billion, down 28% from $9.47 billion a year earlier
- Global private investment in AI reached $344.7 billion in 2025, up 127.5% year-over-year, with generative AI companies alone capturing $170.9 billion of that total $344.7 billion in global private AI investment in 2025
- Amazon's cash capital expenditure across the whole of 2025 came to $131.81 billion in one year