The AI CapEx Arms Race — $725 Billion in 2026: Interactive Tracker

LIVE DATA — Q1 2026 EARNINGS

The AI CapEx Arms Race

Four companies are spending 1% of global GDP on AI infrastructure. Click each to see where the money goes.

$0B
COMBINED 2026 AI INFRASTRUCTURE SPEND
1%
of global GDP
+77%
vs 2025
4
companies
$0
Amazon free cash flow
Amazon
AWS 28% growth · $150B ARR · Zero FCF
$200B
Revenue
$181.5B (+17% YoY)
AWS Run Rate
$150B annualized
New Debt
$53.4B raised in Q1
Total Debt
$119B (doubled from $65.6B)
Free Cash Flow
$0 — all reinvested
Total Assets
$916B (+$99B in 90 days)
Microsoft
Azure 40% re-acceleration · Copilot 20M users
$190B
Azure Growth
40% (re-accelerated from 39%)
Copilot Users
20M paid
Strategy
Fairwater AI superfactories
Pickup
Stargate Norway + UK (OpenAI dropped)
GPU Target
Hundreds of thousands of Vera Rubin chips
Google / Alphabet
800% enterprise AI growth · $462B backlog · 10 forces
$185B
Search Revenue
$60.4B (+19% YoY)
Enterprise AI
800% YoY growth
TPU 8I
80% better inference economics
Backlog
$462B (nearly doubled in Q1)
New Debt
$31.1B issued Q1
YouTube Subs
350M total, record quarter
Meta
$26.8B net income · 12% normalized growth · Ads fund AI
$135B
Reported Net
$26.8B (includes $8B tax benefit)
Normalized
~$18.7B, ~12% real growth
The Question
Is the ads machine over-funding AI?
Open Source
Llama + Muse Spark (first proprietary)
Users
3.7B daily across apps
Data from 7 earnings analyses by The Business Engineer
Get All 7 Deep Dive Analyses →
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