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.
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.
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.
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.
Level
YoY %
y = 2246.3% − 970.5 pp/yr · t
Deviation from trend