CHART: Big Tech is going wild on AI spending next year and beyond

• Amazon, Google, Meta, and Microsoft are expected to churn through $300 billion in capex next year.
• The spending spree is driven by generative AI and LLM opportunities, says Morgan Stanley.
• Amazon’s capex estimate jumped the most as AI cloud demand grows.

Amazon, Google, Meta, and Microsoft are expected to invest about $300 billion in capital expenditures next year, and 2026 should be even bigger, according to new estimates by Morgan Stanley.