The three major hyperscalers collectively plan to spend approximately $725 billion in capital expenditures for 2026, representing a 77% increase from the $410 billion previously projected for 2025. Amazon leads with around $200 billion, followed closely by Microsoft at approximately $190 billion, while Alphabet forecasts between $175 billion and $205 billion. This spending surge creates significant pressure on the chip supply chain, affecting GPU availability and pricing for crypto miners. Meanwhile, AI data centers and Bitcoin mining operations increasingly compete for the same power resources, particularly in regions with cheap, abundant energy.
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