Overview
- Microsoft reported a record $34.9 billion in quarterly capex, about half for short‑lived GPUs and servers, said it will stay AI‑capacity constrained through its fiscal year, and posted 40% Azure growth.
- Amazon logged roughly $34.2 billion in quarterly capex, lifted its 2025 plan to about $125 billion with more expected in 2026, opened an $11 billion Project Rainier data center in Indiana, and saw AWS revenue rise 20%.
- Alphabet raised its 2025 capex outlook to $91–$93 billion with the vast majority for AI infrastructure, detailed a chips‑and‑servers heavy mix, and reported 34% growth in Google Cloud revenue.
- Meta kept 2025 capex guidance at $70–$72 billion and forecast notably larger spending next year, recorded $19.4 billion in Q3 capex, and its shares fell after investors questioned timelines for returns.
- Debt and vendor‑linked financing are expanding as Oracle sold $18 billion in bonds, Meta is reported to be lining up as much as $30 billion, OpenAI has commitments to buy over $1 trillion in compute, Nvidia topped $5 trillion in market value, and policymakers split on bubble risks even as spending accelerates.