Hyperscaler Capex by Company Goldman Sachs is turning more bullish on hyperscaler spending, hiking its CAPEX outlook after 3Q25 results showed a wave of AI‑ and cloud‑fueled infrastructure growth. Image: Goldman Sachs Global Investment Research
Consensus Capex Spending Estimates for AI Hyperscalers Hyperscalers are ramping up capex, with analysts lifting forecasts well beyond early 2025 estimates amid surging AI infrastructure investment and intensifying global tech competition. Image: Goldman Sachs Global Investment Research
Consensus Capex Growth Estimates As we move into 2026, hyperscale AI players are bracing for a sharp slowdown in capital spending—a shift that could weigh on their valuation multiples. Image: Goldman Sachs Global Investment Research
Magnificent 7 Annual Capex Spend The Magnificent 7’s capital expenditure is projected to grow by 31% to $331 billion in 2025, followed by a 10% increase to $363 billion in 2026, underscoring the Magnificent 7’s focus on long-term growth and innovation. Image: Goldman Sachs Global Investment Research
GS CapEx & R&D Index – S&P 500 Index Quarterly Performance The underperformance of stocks with high CapEx and R&D expenditures highlights the tension between long-term corporate investment strategies and investors’ desire for near-term profitability. Image: Bloomberg
CEO Confidence vs. U.S. Business Capex Weak CEO confidence does not bode well for capex. Image: Gavekal, Macrobond
Oil Prices and Consensus Capex Could oil capex cuts lead to supply disruptions? Image: Morgan Stanley Research
Global Nonfinancial Equities – Earnings-Per-Share Growth and Capex Growth A recovery in global capex growth is expected in 2021. Image: Morgan Stanley Wealth Management
Manufacturing PMI and S&P 500 Capex YoY Is a capex recovery on the cards, as suggested by manufacturing PMI? Image: BofA
U.S. Core Capital Goods Shipment and Non-residential Business Fixed Investment (Capex) Is the “phase one” US-China trade deal enough to reverse the slowdown? Image: Deutsche Bank Global Research
S&P 500 Use of Cash The S&P 500’s capex growth in 2025 reflects a broad-based rise, driven by AI-related tech investments and strategic shifts in production and automation, underpinned by expectations of strong returns. Image: Goldman Sachs Global Investment Research