Hyperscaler Data Center Capex Set to Cross $400B in 2026
Combined Microsoft, Google, Meta, Amazon and Oracle capex is tracking toward a record, with power and land emerging as the new constraint.
Aggregated guidance from the major hyperscalers points to combined 2026 capex above $400B, with the majority directed at AI infrastructure. The binding constraint has shifted from GPU supply to power availability and grid interconnects.
Nuclear PPAs, behind-the-meter gas turbines, and accelerated transmission projects are now standard line items in hyperscaler capital plans.
Why It Matters
AI-generatedThe power-constrained data center thesis creates a long runway for grid infrastructure, gas turbines (GE Vernova), nuclear (Constellation, Vistra), and cooling specialists. Treat them as second-derivative AI plays.
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