The $700 Billion Infrastructure Mandate: Hyperscaler CAPEX 2026 — A Complete Breakdown of the AI Infrastructure Supercycle & Its Beneficiaries

April 29, 2026 earnings synthesis: Microsoft, Amazon, Meta, and Alphabet collectively raised 2026 CAPEX guidance to $695–$725B — an ~80% increase above 2025 actuals. The most consequential synchronized capital cycle in technology history, traced through every layer of the stack and every direct beneficiary.

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Hyperscaler CAPEX Report Page 1
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Hyperscaler CAPEX Report Page 2 — Table of Contents
Page 2 · Table of Contents
Hyperscaler CAPEX Report Page 3 — Executive Summary
Page 3 · Executive Summary
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34 pages of post-earnings synthesis mapping $695–$725B in CAPEX across every infrastructure layer: GPU compute, networking (Tomahawk 6, Spectrum-X), HBM & DRAM supply constraints, data center cooling (VRT), storage (WDC, STX), and contracted revenue backlogs.
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