“The big five hyperscalers are on track to spend $600 billion to $700 billion in capex in 2026 up roughly 60 per cent from 2025’s already record levels,” he said. “Every one of them, except Oracle, is now individually above $100 billion in capex spend.”
“More importantly, every hyperscaler CEO is saying the same thing on earnings calls: they are supply constrained, not demand constrained.”
“Until that dynamic flips and there’s visible overcapacity or a meaningful slowdown in AI adoption, the building will continue,” Chua said.
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