Nine companies are expected to spend about $1 trillion on capital expenditures in 2026, primarily to build AI data centers and purchase chips and networking equipment. Amazon, Alphabet and Microsoft account for nearly $590 billion of that total, with respective plans of $220 billion, $195 billion to $205 billion and about $170 billion. Meta and Oracle complete the group of major U.S. hyperscalers, while the combined spending of the five largest players could exceed $1 trillion annually from 2027 through 2030. The spending wave benefits chipmakers, memory suppliers, networking vendors and data center builders, but increases pressure from asset depreciation, energy availability and supplier delivery capacity. Google Cloud’s $561 billion backlog provides the strongest evidence of concrete demand, while Microsoft’s small forecast reduction shows that even the largest buyers are monitoring the bill.
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