AI capex super-cycle (hyperscaler spend)
Combined ~$400B+/yr hyperscaler capital expenditure
Microsoft, Google, Amazon, and Meta collectively guided to well over $300-400B of annual AI-related capex by 2025-2026, the largest coordinated corporate infrastructure investment in history. This capex wave underwrites the entire chip, energy, and datacenter supply chain and is the single number capital markets watch most. Any guidance revision cascades through every layer of the map.
How it fits the stack
AI capex super-cycle (hyperscaler spend) with what it depends on (above) and what it feeds (below). The figure renders as a crawlable diagram and upgrades to an interactive 3D graph as it scrolls into view.
AI capex super-cycle (hyperscaler spend) in the AI stack. AI capex super-cycle (hyperscaler spend) with its immediate upstream dependencies (top) and downstream dependents (bottom) in the AI value chain. Hover a node in 3D, or read the full relationships below.
Graph data (text) — 4 entities, 3 relationships
- AI capex super-cycle (hyperscaler spend) —invests in→ Microsoft Azure
- AI capex super-cycle (hyperscaler spend) —invests in→ Nvidia Data-Center GPU (Blackwell/Rubin)
- AI capex super-cycle (hyperscaler spend) —invests in→ TSMC (Taiwan Semiconductor Manufacturing Company)