“Hyperscaler Capex growth will be up +50% [in CY26] — The Street is looking for Capex growth for AMZN, GOOG, META, and MSFT to be 33% y/y in CY26, down from 64% growth in CY25. We believe this is low and the AI infrastructure buildout will continue throughout CY26.”

Resolves once the four hyperscalers report full-year 2026 capex; Munster raised his own estimate to ~65% growth in early March 2026.