Meta, Microsoft, Alphabet and Amazon Revise 2026 Capex Outlook, With Combined Ceiling Above $740B

Amid growing concerns about the sustainability of major technology companies’ AI spending, Meta, Microsoft, Alphabet and Amazon updated their 2026 capital expenditure outlooks in the third quarter, with spending plans taking different paths. According to ChainCatcher, their combined 2026 capex could exceed $740 billion at the upper end, compared with $455.8 billion in actual spending in 2025. Meta raised the lower end of its full-year spending guidance to $135 billion-$145 billion, up from its midyear range of $130 billion-$145 billion. Microsoft lowered its third-quarter expectation to $170 billion from $175 billion at midyear, while noting that the change reflected an accounting adjustment and that its underlying AI investment plan remained unchanged from the start of the year. Alphabet kept its range at $195 billion-$205 billion, while Amazon maintained its forecast at $220 billion.