Big Tech & AI Revenue
Quarterly revenue for the largest technology and AI companies — ads, infrastructure, hardware, and AI subscriptions.
Updated Jan 1.
Ads
$113.8B
Trend YoY growth is +11.2%, slowing by 2.1 pp/year over the last 6Y. Latest: +18.0%, 6.8 pp above trend, a 0.54σ deviation. The latest YoY reading is boosted by 1.5 pp due to an easy comparison base from Oct '24.
Level
YoY %
y = 23.1% − 2.1 pp/yr · t
Deviation from trend
$59.9B
Trend YoY growth is +17.4%, slowing by 83 bps/year over the last 6Y. Latest: +23.8%, 6.3 pp above trend, a 0.46σ deviation. The latest YoY reading is depressed by 2.4 pp due to an tough comparison base from Oct '24.
Level
YoY %
y = 22.2% − 83 bps/yr · t
Deviation from trend
Infrastructure
$68.1B
Trend YoY growth is +112.0%, accelerating by 12.2 pp/year over the last 6Y. Deviations have remained below trend for 6 consecutive periods. Latest: +73.2%, 38.9 pp below trend, a 0.54σ deviation. The latest YoY reading is boosted by 21.9 pp due to an easy comparison base from Oct '24.
Level
YoY %
y = 42.1% + 12.2 pp/yr · t
Deviation from trend
$213.4B
Trend YoY growth is +4.6%, slowing by 4.5 pp/year over the last 6Y. Deviations have remained above trend for 6 consecutive periods. Latest: +13.6%, 9.0 pp above trend, a 1.1σ deviation. The latest YoY reading is depressed by 1.4 pp due to an tough comparison base from Oct '24.
Level
YoY %
y = 30.5% − 4.5 pp/yr · t
Deviation from trend
$81.3B
Trend YoY growth is +14.5%, slowing by 10 bps/year over the last 6Y. Latest: +16.7%, 2.2 pp above trend, a 0.49σ deviation. The latest YoY reading is boosted by 2.3 pp due to an easy comparison base from Oct '24.
Level
YoY %
y = 15.1% − 10 bps/yr · t
Deviation from trend
Hardware
$143.8B
Trend YoY growth is +2.0%, slowing by 2.5 pp/year over the last 6Y. Latest: +15.7%, 13.6 pp above trend, a 1.2σ deviation. The latest YoY reading is boosted by 61 bps due to an easy comparison base from Oct '24.
Level
YoY %
y = 16.6% − 2.5 pp/yr · t
Deviation from trend
AI Subscriptions
$6.0B
Trend YoY growth is 1.8x, slowing by 227.7 pp/year over the last 2Y. Latest: 3.4x, 161.1 pp above trend, a 1.1σ deviation. The latest YoY reading is boosted by 168.1 pp due to an easy comparison base from Jan '25. At current levels, YoY would fall to 1.8x by Jul '26 as comparisons tighten.
Level
YoY %
y = 537.8% − 227.7 pp/yr · t
Deviation from trend
$4.8B
Trend YoY growth is 4.0x, slowing by 970.5 pp/year over the last 2Y. Latest: 6.3x, 230.6 pp above trend, a 0.55σ deviation. The latest YoY reading is depressed by 126.8 pp due to an tough comparison base from Jan '25. At current levels, YoY would fall to 2.7x by Jul '26 as comparisons tighten.
Level
YoY %
y = 2246.3% − 970.5 pp/yr · t
Deviation from trend
Key Insight
Big Tech revenue growth is broadly re-accelerating across all major players, with the latest quarter running 6-14 percentage points above trend for four of six companies, driven by an AI spending cycle that is compounding on itself rather than fading.
Big Tech & AI Revenue
Quarterly revenue for the largest technology and AI companies — ads, infrastructure, hardware, and AI subscriptions.
Updated Jan 1.
Ads
$113.8B
Trend YoY growth is +11.2%, slowing by 2.1 pp/year over the last 6Y. Latest: +18.0%, 6.8 pp above trend, a 0.54σ deviation. The latest YoY reading is boosted by 1.5 pp due to an easy comparison base from Oct '24.
Level
YoY %
y = 23.1% − 2.1 pp/yr · t
Deviation from trend
$59.9B
Trend YoY growth is +17.4%, slowing by 83 bps/year over the last 6Y. Latest: +23.8%, 6.3 pp above trend, a 0.46σ deviation. The latest YoY reading is depressed by 2.4 pp due to an tough comparison base from Oct '24.
Level
YoY %
y = 22.2% − 83 bps/yr · t
Deviation from trend
Infrastructure
$68.1B
Trend YoY growth is +112.0%, accelerating by 12.2 pp/year over the last 6Y. Deviations have remained below trend for 6 consecutive periods. Latest: +73.2%, 38.9 pp below trend, a 0.54σ deviation. The latest YoY reading is boosted by 21.9 pp due to an easy comparison base from Oct '24.
Level
YoY %
y = 42.1% + 12.2 pp/yr · t
Deviation from trend
$213.4B
Trend YoY growth is +4.6%, slowing by 4.5 pp/year over the last 6Y. Deviations have remained above trend for 6 consecutive periods. Latest: +13.6%, 9.0 pp above trend, a 1.1σ deviation. The latest YoY reading is depressed by 1.4 pp due to an tough comparison base from Oct '24.
Level
YoY %
y = 30.5% − 4.5 pp/yr · t
Deviation from trend
$81.3B
Trend YoY growth is +14.5%, slowing by 10 bps/year over the last 6Y. Latest: +16.7%, 2.2 pp above trend, a 0.49σ deviation. The latest YoY reading is boosted by 2.3 pp due to an easy comparison base from Oct '24.
Level
YoY %
y = 15.1% − 10 bps/yr · t
Deviation from trend
Hardware
$143.8B
Trend YoY growth is +2.0%, slowing by 2.5 pp/year over the last 6Y. Latest: +15.7%, 13.6 pp above trend, a 1.2σ deviation. The latest YoY reading is boosted by 61 bps due to an easy comparison base from Oct '24.
Level
YoY %
y = 16.6% − 2.5 pp/yr · t
Deviation from trend
AI Subscriptions
$6.0B
Trend YoY growth is 1.8x, slowing by 227.7 pp/year over the last 2Y. Latest: 3.4x, 161.1 pp above trend, a 1.1σ deviation. The latest YoY reading is boosted by 168.1 pp due to an easy comparison base from Jan '25. At current levels, YoY would fall to 1.8x by Jul '26 as comparisons tighten.
Level
YoY %
y = 537.8% − 227.7 pp/yr · t
Deviation from trend
$4.8B
Trend YoY growth is 4.0x, slowing by 970.5 pp/year over the last 2Y. Latest: 6.3x, 230.6 pp above trend, a 0.55σ deviation. The latest YoY reading is depressed by 126.8 pp due to an tough comparison base from Jan '25. At current levels, YoY would fall to 2.7x by Jul '26 as comparisons tighten.
Level
YoY %
y = 2246.3% − 970.5 pp/yr · t
Deviation from trend