Big Tech 2026 AI capex reaches $725B, up 77% YoY

Combined 2026 capex from Google, Amazon, Microsoft, and Meta is set to reach $725B, up 77% from $410B last year. Amazon accounts for $200B, Alphabet $175-185B, Meta $115-135B, and Microsoft $190B on a calendar-year basis. Roughly 75%, or about $450B, is going into AI infrastructure. Microsoft's CFO attributed $25B to higher memory and component costs.