01 Power yard
Utility supply, transformers, switchgear and backup systems feed rack power distribution.
STACK LEDGER / OPEN RESEARCH
The factories of intelligence.
AI factories bring power, chips, storage, networking and cooling together. They provide the compute for models to produce useful intelligence, generated reasoning and actions.
INSIDE THE LAYER / HOW IT FITS TOGETHER
Inside an AI factory.
A conceptual campus cutaway: power and cooling sustain the racks, while storage and networks keep data moving. Software coordinates useful work.
Power / energyData / processHeat removalReview / feedback
Original conceptual illustration, not a site plan or engineering specification. Arrows show selected relationships, not measured flows or capacity. Numbered components are explained below; select one in the diagram to jump to it.
02 Cooling plant
Heat exchangers and cooling equipment remove heat. Air, liquid and heat-rejection designs vary by site.
03 External fiber
Campus and wide-area links connect users and other sites. Optical transport can link geographically separate facilities.
04 Storage systems
Persistent storage serves datasets, model files and checkpoints to compute.
05 Compute halls
Racks combine accelerators, CPUs and memory. Scale-up links join tightly coupled processors; scale-out networks connect servers.
06 Fabric & operations
Switch fabrics move data; scheduling, monitoring and access controls coordinate workloads and resources.
Technical context: NVIDIA: Enterprise AI Factory Overview ↗
CAPITAL → INFRASTRUCTURE
The investment taking physical shape.
Building AI factories takes sustained investment in land, power, servers and networks. Follow the capital behind that buildout, with worldwide company spending kept distinct from AI-only or U.S. spending.
HISTORY + FORECASTS · USD BILLION
Global hyperscaler capital spending
Reported cash PP&E + dated outlooks · 2021–2026
Amazon FY ends December 31Alphabet FY ends December 31Meta FY ends December 31Microsoft FY ends June 30Oracle FY ends May 31Total · all fiveFiscal-year sum; differing end datesDashed / hollow: latest outlookMixed actual/guidance; fiscal/calendar bases differ
Total sums all five companies by fiscal year ending in the labeled year. Fiscal dates and accounting bases differ. Incomplete years have no total; missing values are never zero. Solid lines show reported spending; dashed lines show the latest outlook. Older forecasts remain in the evidence table below.
SPENDING OUTLOOK · USD BILLION
Latest spending & guidance
Hatched = forecast · solid = actual · bars start at zero
Total · all five displayed amounts≈$775.7–$800.7B
Simple sum of these bars: mixes calendar-year guidance and Oracle’s fiscal-year actual. This is not a uniform calendar-year forecast.
Oracle is a completed fiscal year; the other bars are calendar-year guidance. Definitions differ, including lease treatment. Amazon and Alphabet outlooks are attributed to AP earnings reporting.
Data, accounting differences & sources
Simple sums use reported fiscal years ending in the labeled year, with all five companies required. Fiscal periods and cash/lease accounting differ. Totals describe this covered group, not calendar-year, AI-only or U.S. investment. Latest-bar sums mix explicitly labeled actuals and guidance and are not a uniform forecast.
- Amazon: Annual cash-flow statement PP&E purchases/additions; excludes noncash lease additions and finance-lease principal repayments. Amazon figures are gross of sales and incentives. Guidance: CY2026 cash capex guidance reported by AP from the July earnings call; includes businesses beyond AWS. Primary transcript remains a follow-up.
- Alphabet: Annual cash-flow statement PP&E purchases/additions; excludes noncash lease additions and finance-lease principal repayments. Company-wide cash investment as reported. Guidance: CY2026 guidance reported by AP from July earnings. Primary transcript remains a follow-up.
- Meta: Annual cash-flow statement PP&E purchases/additions; excludes noncash lease additions and finance-lease principal repayments. Meta historical cash PP&E is net of disposal proceeds where reported; retained on the later comparative basis. Guidance: CY2026 guidance includes finance-lease principal payments, unlike the historical cash PP&E series.
- Microsoft: Annual cash-flow statement PP&E purchases/additions; excludes noncash lease additions and finance-lease principal repayments. Company-wide cash investment as reported. Guidance: CY2026 guidance after lease reclassification; finance leases included, operating leases excluded. Investment expectations unchanged apart from accounting impact.
- Oracle: Annual cash-flow statement PP&E purchases/additions; excludes noncash lease additions and finance-lease principal repayments. Oracle uses reported GAAP capex, before financing/prepayment adjustments.
| Company | Period | USD billion | Classification | Source & scope |
|---|---|---|---|---|
| Amazon | FY2021 ended December 31 | 61.053 | Reported cash expenditure | Amazon · publication date unlisted ↗ Fiscal year ended December 31, 2021. Reported cash expenditure; converted from USD millions to billions. |
| Amazon | FY2022 ended December 31 | 63.645 | Reported cash expenditure | Amazon · publication date unlisted ↗ Fiscal year ended December 31, 2022. Reported cash expenditure; converted from USD millions to billions. |
| Amazon | FY2023 ended December 31 | 52.729 | Reported cash expenditure | Amazon · publication date unlisted ↗ Fiscal year ended December 31, 2023. Reported cash expenditure; converted from USD millions to billions. |
| Amazon | FY2024 ended December 31 | 82.999 | Reported cash expenditure | Amazon · publication date unlisted ↗ Fiscal year ended December 31, 2024. Reported cash expenditure; converted from USD millions to billions. |
| Amazon | FY2025 ended December 31 | 131.819 | Reported cash expenditure | Amazon · publication date unlisted ↗ Fiscal year ended December 31, 2025. Reported cash expenditure; converted from USD millions to billions. |
| Alphabet | FY2021 ended December 31 | 24.64 | Reported cash expenditure | Alphabet · publication date unlisted ↗ Fiscal year ended December 31, 2021. Reported cash expenditure; converted from USD millions to billions. |
| Alphabet | FY2022 ended December 31 | 31.485 | Reported cash expenditure | Alphabet · publication date unlisted ↗ Fiscal year ended December 31, 2022. Reported cash expenditure; converted from USD millions to billions. |
| Alphabet | FY2023 ended December 31 | 32.251 | Reported cash expenditure | Alphabet · publication date unlisted ↗ Fiscal year ended December 31, 2023. Reported cash expenditure; converted from USD millions to billions. |
| Alphabet | FY2024 ended December 31 | 52.535 | Reported cash expenditure | Alphabet · publication date unlisted ↗ Fiscal year ended December 31, 2024. Reported cash expenditure; converted from USD millions to billions. |
| Alphabet | FY2025 ended December 31 | 91.447 | Reported cash expenditure | Alphabet · publication date unlisted ↗ Fiscal year ended December 31, 2025. Reported cash expenditure; converted from USD millions to billions. |
| Meta | FY2021 ended December 31 | 18.567 | Reported cash expenditure | Meta · publication date unlisted ↗ Fiscal year ended December 31, 2021. Net PP&E cash purchases; comparative presentation retained. |
| Meta | FY2022 ended December 31 | 31.186 | Reported cash expenditure | Meta · publication date unlisted ↗ Fiscal year ended December 31, 2022. Net PP&E cash purchases; comparative presentation retained. |
| Meta | FY2023 ended December 31 | 27.045 | Reported cash expenditure | Meta · publication date unlisted ↗ Fiscal year ended December 31, 2023. Net PP&E cash purchases; comparative presentation retained. |
| Meta | FY2024 ended December 31 | 37.256 | Reported cash expenditure | Meta · publication date unlisted ↗ Fiscal year ended December 31, 2024. Net PP&E cash purchases; comparative presentation retained. |
| Meta | FY2025 ended December 31 | 69.691 | Reported cash expenditure | Meta · publication date unlisted ↗ Fiscal year ended December 31, 2025. Net PP&E cash purchases; comparative presentation retained. |
| Microsoft | FY2021 ended June 30 | 20.622 | Reported cash expenditure | Microsoft · publication date unlisted ↗ Fiscal year ended June 30, 2021. Reported cash expenditure; converted from USD millions to billions. |
| Microsoft | FY2022 ended June 30 | 23.886 | Reported cash expenditure | Microsoft · publication date unlisted ↗ Fiscal year ended June 30, 2022. Reported cash expenditure; converted from USD millions to billions. |
| Microsoft | FY2023 ended June 30 | 28.107 | Reported cash expenditure | Microsoft · publication date unlisted ↗ Fiscal year ended June 30, 2023. Reported cash expenditure; converted from USD millions to billions. |
| Microsoft | FY2024 ended June 30 | 44.477 | Reported cash expenditure | Microsoft · publication date unlisted ↗ Fiscal year ended June 30, 2024. Reported cash expenditure; converted from USD millions to billions. |
| Microsoft | FY2025 ended June 30 | 64.551 | Reported cash expenditure | Microsoft · publication date unlisted ↗ Fiscal year ended June 30, 2025. Reported cash expenditure; converted from USD millions to billions. |
| Oracle | FY2021 ended May 31 | 2.135 | Reported cash expenditure | Oracle · publication date unlisted ↗ Fiscal year ended May 31, 2021. Reported cash expenditure; converted from USD millions to billions. |
| Oracle | FY2022 ended May 31 | 4.511 | Reported cash expenditure | Oracle · publication date unlisted ↗ Fiscal year ended May 31, 2022. Reported cash expenditure; converted from USD millions to billions. |
| Oracle | FY2023 ended May 31 | 8.695 | Reported cash expenditure | Oracle · publication date unlisted ↗ Fiscal year ended May 31, 2023. Reported cash expenditure; converted from USD millions to billions. |
| Oracle | FY2024 ended May 31 | 6.866 | Reported cash expenditure | Oracle · publication date unlisted ↗ Fiscal year ended May 31, 2024. Reported cash expenditure; converted from USD millions to billions. |
| Oracle | FY2025 ended May 31 | 21.215 | Reported cash expenditure | Oracle · publication date unlisted ↗ Fiscal year ended May 31, 2025. Reported cash expenditure; converted from USD millions to billions. |
| Oracle | FY2026 ended May 31 | 55.663 | Reported cash expenditure | Oracle · publication date unlisted ↗ Fiscal year ended May 31, 2026. Reported cash expenditure; converted from USD millions to billions. |
| Total · all five | Fiscal years ended 2021 | 127.017 | Derived sum of reported actuals | Amazon: 61.053 · Amazon · publication date unlisted ↗ + Alphabet: 24.64 · Alphabet · publication date unlisted ↗ + Meta: 18.567 · Meta · publication date unlisted ↗ + Microsoft: 20.622 · Microsoft · publication date unlisted ↗ + Oracle: 2.135 · Oracle · publication date unlisted ↗ |
| Total · all five | Fiscal years ended 2022 | 154.713 | Derived sum of reported actuals | Amazon: 63.645 · Amazon · publication date unlisted ↗ + Alphabet: 31.485 · Alphabet · publication date unlisted ↗ + Meta: 31.186 · Meta · publication date unlisted ↗ + Microsoft: 23.886 · Microsoft · publication date unlisted ↗ + Oracle: 4.511 · Oracle · publication date unlisted ↗ |
| Total · all five | Fiscal years ended 2023 | 148.827 | Derived sum of reported actuals | Amazon: 52.729 · Amazon · publication date unlisted ↗ + Alphabet: 32.251 · Alphabet · publication date unlisted ↗ + Meta: 27.045 · Meta · publication date unlisted ↗ + Microsoft: 28.107 · Microsoft · publication date unlisted ↗ + Oracle: 8.695 · Oracle · publication date unlisted ↗ |
| Total · all five | Fiscal years ended 2024 | 224.133 | Derived sum of reported actuals | Amazon: 82.999 · Amazon · publication date unlisted ↗ + Alphabet: 52.535 · Alphabet · publication date unlisted ↗ + Meta: 37.256 · Meta · publication date unlisted ↗ + Microsoft: 44.477 · Microsoft · publication date unlisted ↗ + Oracle: 6.866 · Oracle · publication date unlisted ↗ |
| Total · all five | Fiscal years ended 2025 | 378.723 | Derived sum of reported actuals | Amazon: 131.819 · Amazon · publication date unlisted ↗ + Alphabet: 91.447 · Alphabet · publication date unlisted ↗ + Meta: 69.691 · Meta · publication date unlisted ↗ + Microsoft: 64.551 · Microsoft · publication date unlisted ↗ + Oracle: 21.215 · Oracle · publication date unlisted ↗ |
| Older forecast total · all five | CY2026 | 581 | September 2025 consensus forecast | Apollo · publication date unlisted ↗ · Sum of the five published rounded company values. |
| Older forecast total · all five | CY2027 | 660 | September 2025 consensus forecast | Apollo · publication date unlisted ↗ · Sum of the five published rounded company values. |
| Older forecast total · all five | CY2028 | 697 | September 2025 consensus forecast | Apollo · publication date unlisted ↗ · Sum of the five published rounded company values. |
| Older forecast total · all five | CY2029 | 730 | September 2025 consensus forecast | Apollo · publication date unlisted ↗ · Sum of the five published rounded company values. |
| Amazon · older forecast | CY2026 · September 2025 consensus | ≈147 | Forecast | Apollo · publication date unlisted ↗ · Older analyst consensus as reproduced by Apollo, exhibit 8 (page 6). Forecasts are not later actuals; current 2026 guidance is substantially higher. |
| Amazon · older forecast | CY2027 · September 2025 consensus | ≈167 | Forecast | Apollo · publication date unlisted ↗ · Older analyst consensus as reproduced by Apollo, exhibit 8 (page 6). Forecasts are not later actuals; current 2026 guidance is substantially higher. |
| Amazon · older forecast | CY2028 · September 2025 consensus | ≈160 | Forecast | Apollo · publication date unlisted ↗ · Older analyst consensus as reproduced by Apollo, exhibit 8 (page 6). Forecasts are not later actuals; current 2026 guidance is substantially higher. |
| Amazon · older forecast | CY2029 · September 2025 consensus | ≈172 | Forecast | Apollo · publication date unlisted ↗ · Older analyst consensus as reproduced by Apollo, exhibit 8 (page 6). Forecasts are not later actuals; current 2026 guidance is substantially higher. |
| Alphabet · older forecast | CY2026 · September 2025 consensus | ≈127 | Forecast | Apollo · publication date unlisted ↗ · Older analyst consensus as reproduced by Apollo, exhibit 8 (page 6). Forecasts are not later actuals; current 2026 guidance is substantially higher. |
| Alphabet · older forecast | CY2027 · September 2025 consensus | ≈137 | Forecast | Apollo · publication date unlisted ↗ · Older analyst consensus as reproduced by Apollo, exhibit 8 (page 6). Forecasts are not later actuals; current 2026 guidance is substantially higher. |
| Alphabet · older forecast | CY2028 · September 2025 consensus | ≈149 | Forecast | Apollo · publication date unlisted ↗ · Older analyst consensus as reproduced by Apollo, exhibit 8 (page 6). Forecasts are not later actuals; current 2026 guidance is substantially higher. |
| Alphabet · older forecast | CY2029 · September 2025 consensus | ≈159 | Forecast | Apollo · publication date unlisted ↗ · Older analyst consensus as reproduced by Apollo, exhibit 8 (page 6). Forecasts are not later actuals; current 2026 guidance is substantially higher. |
| Meta · older forecast | CY2026 · September 2025 consensus | ≈112 | Forecast | Apollo · publication date unlisted ↗ · Older analyst consensus as reproduced by Apollo, exhibit 8 (page 6). Forecasts are not later actuals; current 2026 guidance is substantially higher. |
| Meta · older forecast | CY2027 · September 2025 consensus | ≈127 | Forecast | Apollo · publication date unlisted ↗ · Older analyst consensus as reproduced by Apollo, exhibit 8 (page 6). Forecasts are not later actuals; current 2026 guidance is substantially higher. |
| Meta · older forecast | CY2028 · September 2025 consensus | ≈139 | Forecast | Apollo · publication date unlisted ↗ · Older analyst consensus as reproduced by Apollo, exhibit 8 (page 6). Forecasts are not later actuals; current 2026 guidance is substantially higher. |
| Meta · older forecast | CY2029 · September 2025 consensus | ≈167 | Forecast | Apollo · publication date unlisted ↗ · Older analyst consensus as reproduced by Apollo, exhibit 8 (page 6). Forecasts are not later actuals; current 2026 guidance is substantially higher. |
| Microsoft · older forecast | CY2026 · September 2025 consensus | ≈153 | Forecast | Apollo · publication date unlisted ↗ · Older analyst consensus as reproduced by Apollo, exhibit 8 (page 6). Forecasts are not later actuals; current 2026 guidance is substantially higher. |
| Microsoft · older forecast | CY2027 · September 2025 consensus | ≈167 | Forecast | Apollo · publication date unlisted ↗ · Older analyst consensus as reproduced by Apollo, exhibit 8 (page 6). Forecasts are not later actuals; current 2026 guidance is substantially higher. |
| Microsoft · older forecast | CY2028 · September 2025 consensus | ≈172 | Forecast | Apollo · publication date unlisted ↗ · Older analyst consensus as reproduced by Apollo, exhibit 8 (page 6). Forecasts are not later actuals; current 2026 guidance is substantially higher. |
| Microsoft · older forecast | CY2029 · September 2025 consensus | ≈153 | Forecast | Apollo · publication date unlisted ↗ · Older analyst consensus as reproduced by Apollo, exhibit 8 (page 6). Forecasts are not later actuals; current 2026 guidance is substantially higher. |
| Oracle · older forecast | CY2026 · September 2025 consensus | ≈42 | Forecast | Apollo · publication date unlisted ↗ · Older analyst consensus as reproduced by Apollo, exhibit 8 (page 6). Forecasts are not later actuals; current 2026 guidance is substantially higher. |
| Oracle · older forecast | CY2027 · September 2025 consensus | ≈62 | Forecast | Apollo · publication date unlisted ↗ · Older analyst consensus as reproduced by Apollo, exhibit 8 (page 6). Forecasts are not later actuals; current 2026 guidance is substantially higher. |
| Oracle · older forecast | CY2028 · September 2025 consensus | ≈77 | Forecast | Apollo · publication date unlisted ↗ · Older analyst consensus as reproduced by Apollo, exhibit 8 (page 6). Forecasts are not later actuals; current 2026 guidance is substantially higher. |
| Oracle · older forecast | CY2029 · September 2025 consensus | ≈79 | Forecast | Apollo · publication date unlisted ↗ · Older analyst consensus as reproduced by Apollo, exhibit 8 (page 6). Forecasts are not later actuals; current 2026 guidance is substantially higher. |
| Amazon | CY2026 guidance | ≈220 | Forecast / company guidance | Associated Press · 2026-07-30 ↗ CY2026 cash capex guidance reported by AP from the July earnings call; includes businesses beyond AWS. Primary transcript remains a follow-up. |
| Alphabet | CY2026 guidance | 195–205 | Forecast / company guidance | Associated Press · 2026-07-30 ↗ CY2026 guidance reported by AP from July earnings. Primary transcript remains a follow-up. |
| Microsoft | CY2026 guidance | ≈175 | Forecast / company guidance | Microsoft · 2026-07-29 ↗ CY2026 guidance after lease reclassification; finance leases included, operating leases excluded. Investment expectations unchanged apart from accounting impact. |
| Meta | CY2026 guidance | 130–145 | Forecast / company guidance | Meta · 2026-07-29 ↗ CY2026 guidance includes finance-lease principal payments, unlike the historical cash PP&E series. |
Reviewed 2026-09-09. Values retain source precision. No inflation adjustment.
- Oracle has a reported FY2026 result; no verified calendar-2026 guidance is included.
- Amazon and Alphabet July guidance is attributed to AP earnings reporting; obtain primary transcripts before changing its attribution.
- No complete 2030 company-by-company forecast is verified. The 2026–2029 analyst vintage is older than current guidance and is kept separate.
- J.P. Morgan August 2026 chart was not merged: its public caption labels U.S. spending and does not supply numeric company-by-company values.