The $700B AI Capex Boom: Who Actually Makes Money?
One important framing point: the “$700B” figure is best treated as the 2026 capital-spending commitment of the four largest U.S. hyperscalers—Amazon, Microsoft, Alphabet, and Meta—not as a pure AI-only capex number. Much of that spending is AI-related, but it also includes broader cloud, networking, servers, data centers, and other infrastructure. Using their latest disclosed 2026…
