Description
In the wake of deepseek and hyperscale pullbacks, what is the outlook for hyperscale capex? Where are we in the cycle between absorption and raw capacity builds?
Hyperscalers continue to almost uniformly project CapEx investments to increase even further in 2026. Some of the hyperscalers expect growth in CapEx to increase at a faster rate than seen so far in 2025. Our hyperscale CapEx tracking has been expanded to include ByteDance and CoreWeave. We are now tracking hyperscale CapEx for nine companies: AWS, Microsoft, Google, Oracle, Meta, Tencent, Alibaba, ByteDance and CoreWeave.
