Just 4 of the worlds largest tech platforms $MSFT $META $AMZN $GOOG expect to spend $2.4 trillion in capex through 2028

They’re accepting near-term pressure on FCF because they believe that the cost of underinvesting in compute, power and infrastructure is greater than the cost of building too much capacity
What’s crazy is that this does NOT illustrate the entire demand picture / capital being deployed by the growing number of enterprises building dedicated AI capacity. These hyperscalers sit at the center because they have the balance sheets, customer relationships and software ecosystems to monetize compute at scale, but their spending activates an industrial supply chain that extends far beyond the tech sector.