Aggregate Hyperscaler Capex
Combined quarterly capital expenditure of Microsoft, Amazon, Alphabet, and Meta
112.5$B
Trend YoY growth is +104.4%, accelerating by 3.7 pp/month over the last 2Y. Latest: +111.9%, 7.4 pp above trend, a 0.7σ deviation. The latest YoY reading is depressed by 5.4 pp due to an tough comparison base from Jul 1.
Level
YoY %
y = −9.0% + 3.7 pp/mo · t
Deviation from trend
Forecast
Rolling 1Y trend forecast
| Forecast made in | Aug '24 | Sep '24 | Oct '24 | Nov '24 | Dec '24 | Jan '25 | Feb '25 | Mar '25 | Apr '25 | May '25 | Jun '25 | Jul '25 | Aug '25 | Sep '25 | Oct '25 | Nov '25 | Dec '25 | Jan '26 | Feb '26 | Mar '26 | Apr '26 | May '26 | Jun '26 | Jul '26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Aug '24 | +77.0% | +82.6% | +88.0% | +93.6% | +99.1% | +104.7% | +110.3% | +115.4% | +121.0% | +126.4% | +132.0% | +137.4% | +143.1% | +148.7% | +154.1% | +159.7% | +165.1% | +170.8% | +176.4% | +181.4% | +187.1% | +192.5% | +198.1% | +203.5% |
| Sep '24 | +82.6% | +88.0% | +93.6% | +99.1% | +104.7% | +110.3% | +115.4% | +121.0% | +126.4% | +132.0% | +137.4% | +143.1% | +148.7% | +154.1% | +159.7% | +165.1% | +170.8% | +176.4% | +181.4% | +187.1% | +192.5% | +198.1% | +203.5% | |
| Oct '24 | +74.8% | +77.9% | +80.8% | +83.9% | +86.9% | +89.7% | +92.8% | +95.7% | +98.8% | +101.7% | +104.8% | +107.9% | +110.8% | +113.9% | +116.9% | +119.9% | +123.0% | +125.7% | +128.8% | +131.8% | +134.8% | +137.8% | ||
| Nov '24 | +77.9% | +80.8% | +83.9% | +86.9% | +89.7% | +92.8% | +95.7% | +98.8% | +101.7% | +104.8% | +107.9% | +110.8% | +113.9% | +116.9% | +119.9% | +123.0% | +125.7% | +128.8% | +131.8% | +134.8% | +137.8% | |||
| Dec '24 | +80.8% | +83.9% | +86.9% | +89.7% | +92.8% | +95.7% | +98.8% | +101.7% | +104.8% | +107.9% | +110.8% | +113.9% | +116.9% | +119.9% | +123.0% | +125.7% | +128.8% | +131.8% | +134.8% | +137.8% | ||||
| Jan '25 | +81.4% | +83.8% | +85.9% | +88.3% | +90.6% | +93.0% | +95.3% | +97.7% | +100.1% | +102.4% | +104.8% | +107.1% | +109.5% | +111.9% | +114.0% | +116.4% | +118.7% | +121.1% | +123.4% | |||||
| Feb '25 | +83.8% | +85.9% | +88.3% | +90.6% | +93.0% | +95.3% | +97.7% | +100.1% | +102.4% | +104.8% | +107.1% | +109.5% | +111.9% | +114.0% | +116.4% | +118.7% | +121.1% | +123.4% | ||||||
| Mar '25 | +85.9% | +88.3% | +90.6% | +93.0% | +95.3% | +97.7% | +100.1% | +102.4% | +104.8% | +107.1% | +109.5% | +111.9% | +114.0% | +116.4% | +118.7% | +121.1% | +123.4% | |||||||
| Apr '25 | +79.2% | +80.4% | +81.6% | +82.8% | +84.1% | +85.3% | +86.6% | +87.8% | +89.0% | +90.3% | +91.5% | +92.7% | +93.9% | +95.1% | +96.4% | +97.6% | ||||||||
| May '25 | +80.4% | +81.6% | +82.8% | +84.1% | +85.3% | +86.6% | +87.8% | +89.0% | +90.3% | +91.5% | +92.7% | +93.9% | +95.1% | +96.4% | +97.6% | |||||||||
| Jun '25 | +81.6% | +82.8% | +84.1% | +85.3% | +86.6% | +87.8% | +89.0% | +90.3% | +91.5% | +92.7% | +93.9% | +95.1% | +96.4% | +97.6% | ||||||||||
| Jul '25 | +101.3% | +104.9% | +108.5% | +111.9% | +115.5% | +119.0% | +122.6% | +126.2% | +129.4% | +133.0% | +136.5% | +140.1% | +143.5% |