Big Tech's 2026 capital spending plans reach $725 billion
Google, Amazon, Microsoft and Meta plan $725 billion in capex this year, up 77%. The market priced it two ways.
Who spends what
Alphabet raised its 2026 capex outlook to as much as $205 billion, Amazon plans $200 billion and Meta $130 billion to $145 billion. The four companies spent $410 billion in 2025, and analysts expect the total to pass $1 trillion in 2027, almost all of it on GPU clusters, custom silicon and data centers.
Market reaction
In the week of July 26-31, Microsoft rose 18% and Amazon 10%, while Alphabet fell as much as 4% after its July 22 report and Meta dropped nearly 10%.
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