Snapshot — February 17, 2026

Amazon $200B, Alphabet $175–185B, Microsoft ~$145B annualized, Meta $115–135B. The four-firm spend exceeds the combined 2026 capex of the next 21 largest US firms across autos, defense, retail, and energy. Microsoft Cloud +26% in Q4 2025 (trailing Google Cloud +48%). Alphabet's cloud backlog surged 55% QoQ to $240B. Investors remain split on payback timing.

February 17, 2026

Meta and NVIDIA confirmed a multi-year, multi-generational deal spanning millions of Blackwell and Rubin GPUs, broad NVIDIA Grace CPU deployment, and Spectrum-X Ethernet across Meta's data centers. Meta also adopted NVIDIA Confidential Computing for WhatsApp private processing.

Snapshot — February 17, 2026

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