Amazon's capex estimate saw the most significant increase, with a 22% rise to $96.4 billion in 2025, mainly due to increased purchases of GPUs and servers for its data centers. By 2026, Amazon's capex is expected to reach $105 billion, leading the other tech giants. The combined capex of these four companies is predicted to hit $336.5 billion in 2026.
Key takeaways:
- Amazon, Google, Meta, and Microsoft are expected to invest about $300 billion in capital expenditures next year, with a focus on fixed assets like data centers and real estate.
- The spending spree is driven by opportunities in generative AI and large language models, according to Morgan Stanley.
- Amazon's capex estimate saw the largest increase, with the bank's analysts raising their capex estimate for Amazon by 22%, to $96.4 billion in 2025.
- In 2026, these four companies will invest $336.5 billion in capex, with Amazon leading the other tech giants, according to Morgan Stanley estimates.