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GPM Takes
on trends driving markets
Hyperscaler Capex vs U.S. Defense and Public Infrastructure Spending
Five companies (Alphabet, Amazon, Meta Platforms, Microsoft, and Oracle) now spend at a mind-boggling scale! Hyperscaler AI capex is on track for ~$729B in FY26 and expected to rise 45% y/y to ~$1,054B in FY27, moving above both the FY2026 U.S. national defense budget and the CBO’s latest tracked annual public spending on transportation and water infrastructure. Alphabet is expected to become the largest contributor at $304.0B.
4 days ago
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