Amazon and Google Accelerate AI Capex Race: $200B+ Combined Planned for 2026

Summary

Amazon and Google each announced accelerated 2026 capital expenditure plans totaling over $200 billion combined, with both companies explicitly citing AI infrastructure demand — data centers, custom silicon, and networking — as the primary driver. Amazon's AWS plans a $120B capex increase, while Alphabet projects $85B+ directed toward Google Cloud and TPU production expansion. The acceleration is notable in its scope: both companies are committing to infrastructure investment at a pace that out