Amazon, Alphabet, Meta and Microsoft have released forecasts for 2026 that involve an investment of more than 620 billion dollars (about 526 billion euros) in new infrastructure and services linked to artificial intelligence (AI). registered in 2025, which were already almost 50% more than those in 2024.
Some estimates even suggest that the total investment of the group of the magnificent seven, together with the capex (investment in capital goods or fixed assets) start-ups such as OpenAI and Anthropic in AI infrastructures will exceed $1 trillion this year.
In this scenario, fears of a new technological bubble around AI have once again reopened in the markets, as happened in the latter part of last year. In recent days, Amazon, Microsoft and Alphabet have jointly lost more than $900 billion in terms of market capitalization, despite the strong increase in revenue and profits recorded last year and which have been reported in the presentation of the respective income statements.
Thus, Amazon shares have suffered a strong punishment this Friday, with declines close to 10% (they had fallen almost 10% in the after-hours markets), after presenting the 2025 accounts, and with this they lost more than 250,000 million dollars in market capitalization, after having dropped almost 4.5% in the regular session on Thursday. The firm dragged Alphabet and Meta in its fall, which fell 9% in the last week. For its part, Microsoft has fallen more than 18% on the stock market since the beginning of the year, due to the possible impact on its profitability of increased investments in AI. The uncertainty around the cost of future technology has also punished Nvidia, the business queen of AI, whose shares had fallen more than 10% in the last five sessions, before this Friday, which represented a loss of more than 400,000 million in market value. On the last day of the week, its shares have rebounded.
In any case, the numbers in the form of investment or bet are already on the table. , which this Thursday announced a capital expenditure of 200,000 million dollars in 2026, 60% more than the previous year, and above the 145,000 million established in analysts’ forecasts. Its CEO, Andy Jassy, stated in the conference with analysts that followed the presentation of the accounts that there is great demand. The manager explained that AI laboratories are purchasing large amounts of computing resources, and companies are dedicating these technologies to productivity and cost reduction. In his opinion, most of this demand is yet to come. “With such strong demand in AI, chips, robots and low-orbit satellites, we expect to invest more than $200 billion, and anticipate a strong long-term return on investment,” he said.
He highlighted that AWS (the part of the company dedicated to internet services) is registering its highest growth rate in the last three years. In fact, he stressed that the portfolio of contracts or backlog of this business stood at $240 billion at the end of 2025, 40% more than a year ago, and 22% more than at the end of September.
Alphabet, meanwhile, communicated to the market a capex for this year between 175,000 and 185,000 million dollars, double that in 2025, when investors had estimated a volume of 119,000 million. The parent company of Google and YouTube, in terms of dollars in revenue, highlighted the 48% growth in revenue from the cloud, what It has a portfolio of contracts in this area of 240,000 million, 55% more, thanks to the demand for services linked to AI. The firm boasted of its progress, pointing out that its Gemini 3, which competes with ChatGPT, has more than 750 million monthly active users.
“We see our investments in AI and infrastructure driving revenue and growth across the board. To meet customer demand and take advantage of the growing opportunities ahead, our capex by 2026 it will be between 175,000 and 185,000 million dollars,” said Sundar Pichai, CEO of Alphabet.
In turn, Meta will increase capital investment by 73%, to exceed $125 billion, above analyst estimates of $110 billion. anticipates heavy investment to support its efforts in Meta Superintelligence Labs and core businesses. “Despite the significant increase in infrastructure investment, in 2026 we expect to obtain an operating profit higher than in 2025,” said its financial director, Susan Li. Of course, Meta reduced its 2025 profit by 3% due to a series of tax issues and the increase in investment in AI. In fact, their costs rose by 24%.
In the case of Microsoft, the forecasts involve an increase in capex of 41%, up to 117.00 million dollars, and 60% above forecasts. The company created by Bill Gates defended that the income from its business cloud It exceeded 51.5 billion in the last quarter, 26% more.
“We are only in the early stages of AI deployment, and Microsoft has already built an AI business that outperforms some of our largest franchises,” said Satya Nadella, Inc., adding, “We are pushing the boundaries across our entire AI offering to drive new value for our customers and partners.”
