AI capex flows beyond the headline names.
Microsoft, Meta, Alphabet, Amazon, and Oracle are committing more than $400 billion a year to data center build-out. This dashboard traces those dollars from filed cash flow statements through to the suppliers actually capturing the spend — power, networking, memory, foundry equipment, and cooling — not just the GPU vendor everyone owns.
Trailing 12 months across MSFT, META, GOOGL, AMZN, ORCL
Range $485B – $560B per stated guidance
Per-company AI share applied to forward capex
MSFT + GOOGL + AMZN ≈ 70% of Big 5 capex
Stacked, calendar-quarter — derived from quarterly 10-Q / 10-K cash flow statements.
Latest filed quarter, TTM run-rate, and management-stated forward guidance with source filings.
| Company | Latest Q | TTM | YoY | Forward guidance | AI share | Sources |
|---|---|---|---|---|---|---|
MicrosoftMSFT | $30.9B FY2026Q3 · 2026-03-31 | $97.2B | +58.5% | $110–$120BFY26 (Jul 2025 – Jun 2026) | 75% | |
Meta PlatformsMETA | $19.0B FY2026Q1 · 2026-03-31 | $75.7B | +73.0% | $100–$115BFY2026 (Jan – Dec 2026) | 70% | |
AlphabetGOOGL | $35.7B FY2026Q1 · 2026-03-31 | $109.9B | +90.4% | $95–$110BFY2026 (Jan – Dec 2026) | 70% | |
AmazonAMZN | $44.2B FY2026Q1 · 2026-03-31 | $151.0B | +62.2% | $150–$175BFY2026 (Jan – Dec 2026) | 65% | |
OracleORCL | $18.6B FY2026Q3 · 2026-02-28 | $48.3B | +223.1% | $30–$40BFY26 (Jun 2025 – May 2026) | 90% |
Structured-extraction output — capex figures, forward guidance, named technologies — pulled from earnings calls via Claude CLI. Re-run with npm run extract.
“We continue to expect FY26 capital expenditures to grow in absolute dollars compared to FY25, with the mix increasingly weighted toward GPU and CPU servers in support of monetization.”
“We expect 2026 capital expenditures to be in the range of $100 billion to $115 billion.”
“For 2026 we expect capex to be meaningfully higher year-over-year as we continue to invest in technical infrastructure, including TPUs, GPUs and data center build-out.”
“We expect 2026 capex to be meaningfully larger than 2025 as we continue to invest aggressively to support both AWS workloads and the broader retail and fulfillment business.”
“Capital expenditures in the quarter were $18.6 billion, with FY26 capex now expected to exceed $35 billion.”
The headline question for AM/IM allocators in 2026 is no longer is the AI capex cycle real — it is where the marginal dollar lands. The most consensus-overweight position (Mag 7 directly) captures only the operator side of the trade. The supplier side — power, cooling, memory, networking, specialized chips, and foundry capacity — is structurally underweighted and has earnings tied directly to the next four quarters of capex commitments.
The Capex Flow Map decomposes each hyperscaler's spend into infrastructure layers and routes it to specific suppliers using disclosed customer concentration. The Suppliers page surfaces backlog and disclosed exposure per name.
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