Goldman Sachs: Hyperscalers continue to dramatically increase their capex, which is now projected to increase by 70% in 2026, reaching an estimated $737 billion, a nearly fivefold increase since 2023. Amazon (AMZN): Announced a substantial $200 billion in capex for 2026. This news led to a sharp drop in its share price after hours, as the market questioned whether such a large investment would be justified by demand for its cloud services (AWS) and the profitability of AI-native customers. Google (GOOGL): Its cloud platform (GCP) demonstrated impressive 48% growth. Google plans to spend $175-$185 billion in 2026, doubling its spending from the previous year and exceeding street estimates. • Microsoft (MSFT): Its Azure cloud service grew by 38%. While still strong, this represented a deceleration that disappointed the market, even though demand for Azure still exceeds its current capacity. Microsoft expects its 2026 capex to increase by 58%.“
Morten W. Langer
