Wall Street keeps saying Big Tech capex is “peaking”

The companies themselves are saying the opposite.

For 2026, internal capex plans are blowing past analyst expectations:

� Amazon $AMZN: ~$200B vs ~$150B expected
� Google $GOOGL: ~$185B vs ~$120B
� Microsoft $MSFT: ~$140B vs ~$115B
� Meta $META: ~$135B vs ~$110B

This isn’t defensive spending.
This is an all-in bet on AI infrastructure, data centers, and compute.

When the people writing the cheques are more bullish than Wall Street…
it usually matters.

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