“For calendar year 2026, we expect to invest roughly $190 billion in capital expenditures which includes approximately $25 billion from the impact of higher component pricing.”
Guidance covers calendar year 2026 (versus roughly $118 billion in calendar 2025). On the July 2026 FY26 Q4 call Hood trimmed the calendar-2026 expectation to about $175 billion, attributing the change to a useful-life accounting update that shifts more data center leases from finance to operating leases rather than to any cut in underlying investment.