“We believe 2025 [Big Tech] capex is on track to surpass $405 billion, representing YoY growth of 62% — and even today's elevated numbers could again be revised higher in 2026.”

Alphabet, Amazon, Meta and Microsoft ended 2025 with roughly $410 billion of combined capital expenditures (about $448 billion including Oracle), clearing the $405 billion mark, and the same four guided to roughly $725 billion for 2026.