Infrastructure · 12 Aug 2026 · High confidence
Four companies will spend about $748 billion this year
Amazon, Microsoft, Google and Meta after Q2 2026 guides. Up from about $140 billion in 2023 and about $410 billion in 2025. Most of it is AI factories.
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Midpoint of post-Q2 guides: AMZN ~$220B, MSFT ~$190B economic spend ($175B reported after a lease-accounting reclass — not less steel), GOOGL $195–205B, META $130–145B → ~$748B (range $735–760B). June Goldman/Yahoo $725B is stale. Goldman’s ~$800B Street number is a broader measure. 2024 bar is interpolated.
Sources
Company Q2 2026 earnings guides · Goldman Sachs · Axios