AI Hyperscaler Spending is Surging 🚀

What We're Showing

This graphic shows the growth in AI hyperscaler capital spending, based on data from J.P. Morgan Asset Management.

Data represents the combined capital spending across Alphabet, Amazon (AWS), Meta Platforms, Microsoft, and Oracle.

Key Takeaways

• With the highest projected capital spending among the top five AI hyperscalers, Amazon spent an estimated $75 billion in 2024, up from $48.4 billion in the previous year.
• In 2025, Microsoft is projected to spend $80 billion on data centers alone.
• As AI hyperscalers increasingly require more data center capacity to train AI models, these providers will struggle to keep up with demand looking ahead.