Microsoft, Amazon, Google spend $600bn+
- Amazon, Alphabet, Meta and Microsoft have laid out or signaled 2026 artificial-intelligence infrastructure spending that together runs well past $600 billion. - Amazon alone set a $200 billion capital-spending plan, Alphabet guided to $175 billion to $185 billion, and Meta forecast $115 billion to $135 billion. - Microsoft’s next earnings are a key test after its $37.5 billion quarter jolted investors. (cnbc.com)
Amazon, Alphabet, Meta and Microsoft are pushing 2026 artificial-intelligence infrastructure spending to a scale that now runs past $600 billion. (cnbc.com 1) (cnbc.com 2) (investor.atmeta.com) Amazon set the biggest number so far: $200 billion in 2026 capital expenditures, with Chief Executive Andy Jassy saying most of it will go to data centers. (cnbc.com) Alphabet said on February 4 it expects 2026 capital expenditures of $175 billion to $185 billion, more than double what it spent in 2025. (abc.xyz) (cnbc.com) Meta told investors on January 28 that 2026 capital expenditures should land between $115 billion and $135 billion, up from $72.22 billion in 2025. (investor.atmeta.com) Microsoft has not given a full-year 2026 capex target, but its last reported quarter included $37.5 billion in capital spending, a figure that helped knock the stock lower. (cnbc.com) (geekwire.com) That spending is mostly about the physical layer of artificial intelligence: data centers, networking gear, power equipment and specialized chips that train and run models. Amazon said demand for Amazon Web Services could have been higher with more capacity, and Alphabet said its spending will fund Google DeepMind compute and cloud demand. (cnbc.com 1) (cnbc.com 2) The investor fight is over timing. Amazon’s 2025 operating cash flow rose to $139.5 billion, but free cash flow fell to $11.2 billion after the buildout, and analysts pressed executives on when returns would show up. (geekwire.com) (cnbc.com) Meta is already turning the spending into concrete projects. In February it broke ground on a 1-gigawatt data-center campus in Lebanon, Indiana, a site it said will cost more than $10 billion. (about.fb.com) OpenAI’s reported miss on internal revenue and user targets has sharpened the scrutiny, because model makers and cloud providers are locking in enormous computing bills before demand is fully proven. (reuters.com) (bloomberg.com) Microsoft reports fiscal third-quarter results on April 29, and that call is likely to show whether Wall Street will keep funding this buildout at the current pace. (microsoft.com)
