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A new NBER working paper modeling the AI investment boom finds the five largest US technology firms' combined capital expenditure already reached, in 2025 alone, $380 billion
Verified 2026-10-14
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Read this morning's edition →The screener · 72 companiesEvery layer of the AI chain, priced dailyHow this was verifiedEvery figure links to the filing it came from
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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
- A Brookings Papers draft by Columbia's Stijn Van Nieuwerburgh projects that the US AI build-out of 2025 to 2032 will absorb, every year, 3.63% of GDP, versus 2.24% for the railroads of 1870–1890
- 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