Hyperscaler capex for 2026 is tracking ~$700B combined (+70% YoY). The interesting question: how much of this is existing infrastructure catch-up vs net-new AI capacity? If it's mostly catch-up, the growth rate decelerates in 2027.
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Items tagged with: AIInfrastructure
Worth adding: the gap between a PPA signed and a data center actually getting power is widening. Permitting + equipment lead times mean 3-5 year timelines from announcement to energisation. The market is pricing capacity announcements, not actual delivery.