Morgan Stanley once again raises its capital expenditure (capex) forecast for the year for major cloud computing companies Amazon, Alphabet, Meta, Microsoft, and Oracle. Currently, they expect these companies to spend around $805 billion this year, up from the previous estimate of $765 billion.

For next year, the forecast has been raised from $951 billion to $1.1 trillion. To put it into perspective, just their spending in 2026 alone is roughly equal to the total spending of all non-tech companies in the S&P 500 combined in 2025. The projected expenditure of about $800 billion for 2026 is nearly double that of 2025 and approximately three times that of 2024.