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Tech Giants Plan $755B Capex as AI Spending Surges

6/17/2026

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Summary

Story summary

S&P 500 firms posted +38% capex growth in Q1 2026 versus +1% for buybacks, reversing the decade’s pattern, a surge that Peter Oppenheimer’s Paper No. 76 links to rising rates.
Amazon, Meta, Google, Microsoft and Oracle plan about $755 billion in capex for 2026, 84 % more than 2024.
The AI boom created 19 billionaires with $59 billion net worth, while consensus forecasts project U.S. AI-related capex to reach about $920 billion in 2027.

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Story summary

S&P 500 firms posted +38% capex growth in Q1 2026 versus +1% for buybacks, reversing the decade’s pattern, a surge that Peter Oppenheimer’s Paper No. 76 links to rising rates.
Amazon, Meta, Google, Microsoft and Oracle plan about $755 billion in capex for 2026, 84 % more than 2024.
The AI boom created 19 billionaires with $59 billion net worth, while consensus forecasts project U.S. AI-related capex to reach about $920 billion in 2027.