Google, Amazon, Microsoft, and Meta plan to spend a combined $725 billion on capital expenditure in 2026, a 77% increase over last year's record $410 billion, according to first-quarter earnings reports compiled by the Financial Times.

Google led with 63% cloud revenue growth and an 81% jump in net income to $62.6 billion, while Meta's stock dropped 6% after hours despite a 33% revenue increase, punished by investors for adding $10 billion to its spending forecast and offering no firm timeline on new AI models.