Holger Zschaepitz@Schuldensuehner
Morgan Stanley has again raised its capex forecasts for the five hyperscalers Amazon, Alphabet, Meta, Microsoft, and Oracle. It now expects them to spend about $805bn this year, up from a previous estimate of $765bn. For next year, the forecast has been lifted from $951bn to $1.1TRILLION. To put that into perspective, their 2026 spending alone would be roughly equal to what all non-tech companies in the S&P 500 spent combined in 2025. The expected ~$800bn for 2026 is nearly double 2025 levels and about three times what was spent in 2024.
