Hyperscaler AI CAPEX Monitor
Tracking the capital-expenditure firehose from Microsoft, Amazon, Alphabet, and Meta — the leading indicator of cash flowing into the AI supply chain. Rising and accelerating spend means the money keeps flowing; deceleration or guidance cuts are the first warning.
Capital flowing · 2026Q1
Accelerating
Combined hyperscaler CAPEX is +80% YoY and accelerating (+16pp vs prior quarter); 2 of 4 raised forward guidance, none cut.
Pool YoY
+80%
Accel
+16pp
Raising
2/4
Combined pool (2026Q1)
$129.8B
Pool growth (YoY)
+80.5%
Companies reporting
4 / 4
Quarterly CAPEX by company
Discrete-quarter spend, $B
- AMZN
- GOOGL
- META
- MSFT
Combined hyperscaler spend pool
Total CAPEX per calendar quarter + YoY growth
- Total CAPEX
- YoY growth
Latest-quarter comparison
Most recent reported quarter per company
| Company | Quarter | CAPEX | YoY | QoQ | Accel | % of OCF | Trend |
|---|---|---|---|---|---|---|---|
| AMZN | 2026 Q1 | $44.20B | +76.7% | +11.8% | +34.7% | 102% | Rising |
| GOOGL | 2026 Q1 | $35.67B | +107.4% | +28.1% | +12.4% | 63% | Rising |
| MSFT | 2026 Q3 | $30.88B | +84.4% | +3.3% | -4.7% | 57% | Rising |
| META | 2026 Q1 | $19.00B | +46.8% | -11.2% | -1.4% | 61% | Rising |
MSFT — funding sustainability
TTM CAPEX as a share of operating cash flow
CAPEX / OCF (TTM)
57%
CAPEX vs debt issued
n/a
MSFT — forward guidance vs actual
Management's guided CAPEX and how it played out
| Guided period | Guided | Realized | vs Guide | Type | Source |
|---|---|---|---|---|---|
| 2026 | $190B | — | — | initial | link “For calendar year 26, we expect to invest roughly $190 billion in capital expenditures, which includes approximately $25 billion from the impact of higher component pricing.” |
| 2026 Q4 | ≥$40B | — | — | initial | link “We expect capex spend to increase to over $40 billion as we continue to bring more capacity online.” |