Overview
- Alphabet posted its first-ever $100 billion quarter, lifted full-year capex to $91–$93 billion, and said Google Cloud’s backlog jumped to about $155 billion with more billion‑dollar deals signed.
- Meta forecast $70–$72 billion in 2025 capital spending and said 2026 would be “notably larger,” sending shares lower despite 26% revenue growth and assurances that excess compute could be repurposed or sold.
- Microsoft reported $34.9 billion in quarterly capex tied largely to AI infrastructure and signaled total spend will rise sequentially with fiscal 2026 growth outpacing 2025.
- Amazon said AWS revenue reached about $33 billion in Q3, guided 2025 capex toward roughly $125 billion, and highlighted 3.8 gigawatts of added power capacity over 12 months as shares jumped after hours.
- Combined capex across the major players is approaching $100 billion for the quarter, fueling record data center buildouts even as analysts warn about potential overbuild and bubble risks.