Google, Microsoft, Meta, and Amazon capex spending to hit $725 billion in 2026, up 77% from last year — analyst says bear thesis is 'garbage'

Google, Microsoft, Meta, and Amazon are sharply increasing AI and cloud infrastructure spending.

Combined 2026 capex is projected at $725 billion, up 77% from the prior year.

Google’s cloud growth and higher outlook, plus Microsoft’s and Meta’s spending hikes, are driving the surge.

Analysts say strong AI-related revenue supports the outlays, though rising capital intensity is drawing scrutiny.