The $1 Trillion AI Buildout | State of Markets

Hyperscaler AI CapEx is heading past $1 trillion/year on earnings-backed markets, even as enterprise AI's measurable impact remains at just 2%.

• Hyperscaler CapEx surging: Alphabet, Amazon, Meta, Microsoft, and Oracle CapEx hits ~$780B in 2026 (up from $416B in 2025), expected to top $1 trillion annually from 2027.
• Backlog and demand: Microsoft, Google, and Amazon carry ~$1.7 trillion in combined cloud backlog; some supply-chain materials are booked out until 2028.

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