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#capex

Articles tagged capex.

AI Spending Moves to the Bond Market: What Microsoft, Amazon, SpaceX and Anthropic Just Borrowed
Markets & Money

AI Spending Moves to the Bond Market: What Microsoft, Amazon, SpaceX and Anthropic Just Borrowed

Microsoft priced $25 billion of bonds on October 29, Amazon has raised $115.1 billion of long-term debt this year, Musk says SpaceX closed $40 billion for GPUs, and banks and Blackstone lined up $63 billion for Anthropic's Broadcom chips. Microsoft pays about 5.6%. The risk has moved to the backstops.

Sam Whitaker
Alphabet and Microsoft Q3 2026: Capex Doubled, and Alphabet's Free Cash Flow Went Negative Again
Markets & Money

Alphabet and Microsoft Q3 2026: Capex Doubled, and Alphabet's Free Cash Flow Went Negative Again

Alphabet spent $51.4 billion on property and equipment in the third quarter, more than double a year earlier, and its free cash flow was negative $9.1 billion for a second straight quarter. Microsoft's cash capex doubled to $39.4 billion and its free cash flow fell 27% to $18.6 billion. Revenue was not the problem at either company.

Sam Whitaker
JPMorgan Now Sees $5.5 Trillion of AI Spending and $540B of Tech Bonds This Year
Markets & Money

JPMorgan Now Sees $5.5 Trillion of AI Spending and $540B of Tech Bonds This Year

JPMorgan raised its 2026 tech bond issuance forecast to $540 billion from $450 billion and now projects $5.5 trillion of AI and data-center spending through 2030. The forecast for non-hyperscaler issuance nearly doubled.

Sam Whitaker
AWS Grew 36.7% and Amazon Raised Capex to $220B. Memory Prices Did That.
Big Tech

AWS Grew 36.7% and Amazon Raised Capex to $220B. Memory Prices Did That.

Amazon posted $200.6 billion in Q2 revenue with AWS up 36.7% to a $169 billion run rate, then raised 2026 cash capex to about $220 billion, citing higher memory costs. Management said capacity will not meet all of this year's demand.

Sam Whitaker
Nvidia May Guarantee $250B of OpenAI's Ohio Data Center. The Debt Markets Balked First.
Big Tech

Nvidia May Guarantee $250B of OpenAI's Ohio Data Center. The Debt Markets Balked First.

Nvidia is in talks to provide a $250 billion financing guarantee to backstop OpenAI's 10-gigawatt Ohio data center, plus a separate roughly $350 billion package for chip purchases. OpenAI needs Nvidia's credit because it cannot secure the financing on its own.

Sam Whitaker
Alphabet's Cloud Grew 82%. The Capex Guidance Is What Scared the Market.
Big Tech

Alphabet's Cloud Grew 82%. The Capex Guidance Is What Scared the Market.

Alphabet posted Q2 revenue of $119.8 billion (up 24%) with Google Cloud up 82%, but it raised 2026 capex guidance to $195-205 billion and ran negative free cash flow for the quarter. The stock fell.

Sam Whitaker
Anthropic Signed a $19B, 20-Year Data Center Lease With a Former Bitcoin Miner
Markets & Money

Anthropic Signed a $19B, 20-Year Data Center Lease With a Former Bitcoin Miner

Anthropic signed a 20-year lease worth about $19 billion for a 401 MW Kentucky data center owned by TeraWulf, a former Bitcoin miner. The structure shows how AI compute is now financed.

Sam Whitaker
SoftBank Will Build a 5GW AI Data Center in France for Up to €75B
Big Tech

SoftBank Will Build a 5GW AI Data Center in France for Up to €75B

SoftBank said it will build a 5-gigawatt AI data center in northern France, an investment of up to €75 billion. The scale puts it among the largest single AI-infrastructure commitments in Europe.

Sam Whitaker
Morgan Stanley Sees Global AI Debt Doubling to $570B in 2026
Big Tech

Morgan Stanley Sees Global AI Debt Doubling to $570B in 2026

Morgan Stanley projects global AI-linked debt will nearly double to $570 billion in 2026 as hyperscalers, Anthropic, and OpenAI shift the AI infrastructure build into the bond market. The financing story is now part of the AI story.

Sam Whitaker
Circular Reasoning: The AI Boom Is Starting to Fund Itself
Markets & Money

Circular Reasoning: The AI Boom Is Starting to Fund Itself

Memory makers are now equity investors in the AI lab that buys their chips. Hank Reed on why circular financing is the oldest tell in the bubble playbook.

Hank Reed
Hyperscaler, Explained: Who Counts, What They Spend, and Why They Move the AI Market
Big Tech

Hyperscaler, Explained: Who Counts, What They Spend, and Why They Move the AI Market

A hyperscaler is one of the handful of cloud providers operating at a scale that reshapes markets just by their purchasing decisions. Here is who they are and why their capex matters.

Sam Whitaker
Three Headlines in One Week That Tell You the AI Build-Out Just Hit a Cycle Marker
Markets & Money

Three Headlines in One Week That Tell You the AI Build-Out Just Hit a Cycle Marker

Nvidia beat earnings handily. Meta laid off 8,000. Samsung went on strike. Three headlines, one story: the AI cycle is rewiring real labor and real supply chains, fast.

Hank Reed