Top Tech AI Capex Soars to $650B in 2026: Amazon, Microsoft, Meta, Google

Top tech companies are injecting record capital into AI infrastructure, with Amazon, Microsoft, Meta, and Google collectively planning about $650 billion in 2026. Amazon alone projects $200 billion in capex, up 60% from 2025's $400 billion, of which $130 billion was allocated to AI in 2025. This spending, focused on data centers, AI chips, and supporting infrastructure, is the fastest and most concentrated in modern economic history. It is outpacing U.S. consumer spending and contributing 1.1% to GDP growth in H1 2025, per JPMorgan strategist Stephanie Alliaga. Absolute spending dates converted from relative terms: 2025 ($400B), 2026 ($650B), and 2024 ($240B) adjusted to 2026 for comparison.