Alphabet, Amazon, Meta, and Microsoft have collectively guided toward nearly $700 billion in capital expenditures for AI data centers, chips, and networking in 2026—up from roughly $410 billion in 2025 and representing the largest single-year capex surge in tech history. Individual guidance: Amazon ~$200B, Alphabet $175–185B, Meta $125–145B (raised mid-quarter), Microsoft ~$120B+. McKinsey projects cumulative worldwide AI capex will reach $6.7 trillion by 2030, but near-term investor sentiment is mixed: Meta and Microsoft shares fell after guidance updates while Alphabet and Amazon rose on cloud revenue beats.