Alphabet, Amazon, Meta, Microsoft and Oracle were projected to spend about $750 billion in combined capital expenditures in 2026 as they drove the AI infrastructure buildout.

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"Alphabet, Amazon, Meta, Microsoft and Oracle were projected to spend about $750 billion in combined capital expenditures in 2026 as they drove the AI infrastructure buildout."

Bessemer identifies these five hyperscalers as central drivers of AI investment and puts their projected 2026 capital spending at about $750 billion.

Source title The AI Capex Cycle: How Sustainable Is the Buildout?

Source authors Jeffrey Mills

Source year 2026

Confidence high

Importance mid