Big Tech CapEx is exploding: The combined CapEx of Amazon, $AMZN, Alphabet, $GOOGL, Meta, $META, and Microsoft, $MSFT, is expected to jump +70% YoY, to a record $610 billion in 2026. This is nearly 3 TIMES the $217 billion spent in 2024 and more than 4 TIMES 2023 levels. Amazon leads with $200 billion in planned spending, followed by Alphabet at $180 billion, Meta at $125 billion, and Microsoft at $105 billion. Each company is expected to spend nearly as much in 2026 alone as they did in the previous 2 years combined, or more. All 4 would individually break the record for the highest annual CapEx spent by a single company over the last 10 years. The AI infrastructure rush is unprecedented.