Google, Amazon, Microsoft, and Meta spent a combined $1.1T in capex from the start of the AI boom in 2023 through June 2026 and plan to spend $745B this year
THE SO WHAT
If hyperscalers have already poured $1.1T into capex and plan another $745B this year per https://www.ft.com/content/dcf3873e-7b32-4a24-a90d-3bccf1d2c996, AI infra is now on the scale of national industrial policy, not IT refresh. For operators, that means two things: pricing power will be volatile, and regulators will eventually treat your AI stack as critical infrastructure—plan compliance and concentration risk accordingly.
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