AI Hyperscaler 2026 Capex Estimates Double to $725 Billion After Q1 Guidance
Updated
Updated · CNBC · May 13
AI Hyperscaler 2026 Capex Estimates Double to $725 Billion After Q1 Guidance
3 articles · Updated · CNBC · May 13
Summary
$725 billion is BNP Paribas' updated estimate for AI hyperscaler capital spending in 2026, nearly double the $365 billion consensus from a year earlier after first-quarter earnings guidance.
Q1 updates pushed forecasts higher because hyperscalers are accelerating AI buildouts faster than operating cash flow, increasing external funding needs as compute demand drives power demand.
Evercore ISI sees spending closer to $800 billion, led by Alphabet, Microsoft, Meta, Amazon and Oracle, while UBS estimates $511 billion by 2030 just for generation capacity additions.
That spending wave is reinforcing bullish views on energy suppliers and grid equipment makers, with UBS saying natural gas and solar order books could stay effectively sold out.
The latest revisions extend a broader trend from earlier reports that hyperscalers are pouring hundreds of billions into AI infrastructure and shedding their traditional asset-light model.