Current guidance across the largest cloud and AI infrastructure providers puts combined 2026 capital spending somewhere around six hundred and sixty to seven hundred billion dollars, roughly double last year. Google in the region of two hundred billion, Amazon similar, Microsoft not far behind, Meta well over a hundred, Oracle around fifty. Tracked AI-attributable spending has gone from about thirty billion in 2020 to several hundred billion now.

Revenue at the pure-play model developers is growing fast and remains a fraction of the infrastructure being deployed on their behalf. This is the gap everyone points at, and the way people point at it is usually wrong.