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◆ TESSARA JULY 23, 2026 Hyperscaler capex is near $150B a quarter $148B COMBINED CAPEX · Q1 '26 Microsoft $31B Amazon $44B Google $36B YoY GROWTH +91% $0B $10B $20B $30B $40B $50B Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Microsoft Amazon Google Meta Oracle tessara.tech Source: MSFT · AMZN · GOOGL · META · ORCL earnings filings

Hyperscaler capex is near $150B a quarter

The five biggest AI spenders, Microsoft, Amazon, Google, Meta and Oracle, are now laying out close to $150B of capital every quarter, almost double a year ago. This is the raw money behind the AI build, straight from earnings filings.
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