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 from live SEC 8-K filings (capex figures, forward guidance, named technologies) pulled via Claude CLI. 13 extractions in dataset (showing latest 6). Refresh with npm run extract:8k.
“Our AI business surpassed an annual revenue run rate of $37 billion, up 123% year-over-year.”
“We anticipate 2026 capital expenditures, including principal payments on finance leases, to be in the range of $125-145 billion, increased from our prior range of $115-135 billion.”
“Google Cloud revenues grew 63% with backlog nearly doubling quarter on quarter to over $460 billion.”
“Free cash flow decreased to $1.2 billion for the trailing twelve months, driven primarily by a year-over-year increase of $59.3 billion in purchases of property and equipment, net of proceeds from sales and incentives.”
“Amazon's multibillion-dollar investment in Amazon Leo is already creating broad economic opportunity across the U.S., Europe, and other regions around the world.”
“We're not investing approximately $200 billion in capex in 2026 on a hunch.”
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.
Refresh: npm run fetch