BofA updated Alphabet's CapEx to $195 billion in 2026 and $290 billion in 2027, and Meta's to $145 billion in 2026 and $185 billion in 2027, with Amazon AWS CapEx raised to $230 billion in 2027. The combined AI capacity for these three hyperscalers is projected to grow from ~27GW exiting 2025 to 57GW in 2027, with Amazon adding the most capacity at 15GW. Amazon AWS maintains the lowest estimated cost per incremental GW at $25 billion/GW in 2026, leveraging custom internal silicon like Trainium and Graviton.
Hyperscalers are committing to significantly higher AI infrastructure spending, driving sustained demand for compute and power capacity through 2027.