Second-quarter results: the four hyperscalers raise 2026 capital spending to USD 720-745 billion

2026-07-30 · Publisher : Alphabet, Amazon, Meta, Microsoft · Domain : Cloud & DevOps

After results from Alphabet, Meta, Microsoft and Amazon (22 to 30 July 2026), the combined 2026 capital spending guidance of the four hyperscalers reaches USD 720 to 745 billion, and markets are more critical.

What changes

  • The four hyperscalers' combined 2026 spending reaches USD 720 to 745 billion.
  • Alphabet moves to USD 195-205 billion and Amazon to about USD 220 billion.
  • Memory costs are cited among the drivers of increases at Amazon.
  • Alphabet shares fall 7% after raising its guidance.

### What changes Between 22 and 30 July 2026, Alphabet, Meta, Microsoft and Amazon publish quarterly results. According to TMT Finance's analysis, the sum of their 2026 capital spending guidance reaches **USD 720 to 745 billion**. Alphabet raises its range to USD 195-205 billion, Amazon to about USD 220 billion (from about USD 200 billion), and Meta to USD 130-145 billion. Microsoft indicates about USD 175 billion on a finance-lease accounting basis, versus about USD 190 billion, an accounting change rather than lower spending. Markets react harder to the increases: Alphabet shares fall 7%. ### Key facts - Alphabet: from USD 180-190 billion to USD 195-205 billion; USD 44.9 billion of capital spending in the second quarter. - Amazon: from about USD 200 billion to about USD 220 billion, an increase its finance chief attributes to higher memory costs. - Meta: range raised to USD 130-145 billion, with a second half expected to spend almost twice the first. - Microsoft: about USD 175 billion on a lease basis versus about USD 190 billion, an effect of an accounting change. - Financing: the mix of debt, customer prepayments, partner capital and equity widens; Amazon's long-term debt rose 81% to USD 119 billion. ### Why it matters The amounts are sharply up on 2025 (over USD 400 billion for five groups, according to the IEA) and their reading changes: investors who used to welcome such increases now ask for more proof of return. For IT departments, these budgets determine AI capacity and service supply in the coming quarters, but also prices, memory being cited as a driver of increases. The figures are company guidance, reprocessed by an analyst, not realized spending. ### Takeaway USD 720 to 745 billion of planned 2026 capital spending for four hyperscalers, and a more skeptical market.

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Tags : Hyperscaler, Datacenter, IA, États-Unis