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.

A securities filing disclosed on Monday that Nvidia will provide up to one hundred and five billion dollars in financing for an OpenAI data center in Ohio. The facility starts at 4.25 gigawatts of compute with an option on a further 3.75. Nvidia supplies the hardware. SB Energy builds and operates the site at the PORTS-Pike campus in Pike County under a twenty-year lease to OpenAI. Capacity phases in from 2028.