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Combined capital expenditure by Oracle, Microsoft, Amazon, Meta and Alphabet is projected to exceed $800 billion in 2026, surpassing the five companies' combined operating cash flow for the first time, a new NBER working paper on financing the AI buildout finds $800B 2026 hyperscaler capex
Verified 2026-10-06
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More on Capital
- 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