“Alphabet will spend about $199 billion on capital expenditures in 2026 and another $301 billion in 2027 — roughly half a trillion dollars in just two years, much of it tied to data centers, computing chips and AI infrastructure.”

Alphabet has not yet reported full-year 2026 capex; its own guidance for 2026 was most recently $195-205 billion, and it has given no 2027 figure.