Amazon $200B, Alphabet $175–185B, Microsoft ~$145B annualized, Meta $115–135B.
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.
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. ________________________________