AI
Artificial intelligence: models, chips, data centres and what they change.
How big is the AI capex wave? The four biggest spenders, in their own filings
Microsoft, Alphabet, Amazon and Meta spent $357.5bn on property and equipment in their 2025 fiscal years, almost three times their 2021 total. 2026 is already ahead of that, and all four say 2027 will be bigger again.