Cloud rate cards and training-run costs; hyperscaler capital expenditure.
Six hyperscalers spent 20.5% of revenue on capital expenditure in their latest complete four quarters, against 8.4% in 2019; five raised that share and Apple lowered it
Measured from
the 6 issuers summedone issuerboth ends are complete four-quarter windows; incomplete windows are not drawn
Oracle2019 4.0% → Latest 75.3% · rose
Meta2019 21.4% → Latest 34.7% · rose
Microsoft2019 10.1% → Latest 27.2% · rose
Alphabet (Google)2019 14.5% → Latest 22.7% · rose
Amazon (AWS)2019 6.0% → Latest 18.4% · rose
Apple2019 3.5% → Latest 2.8% · fell
All 6, summed2019 8.4% → Latest 20.5%
2019 = hollow dotLatest = solid dotone shared 0% to 80% axisboth ends are complete four-quarter windows; incomplete windows are not drawn
Each line compares a hyperscaler’s capital expenditure as a share of revenue in 2019 with its latest complete four-quarter period. The heavier line shows combined capex divided by combined revenue for those 6 issuers.
A line is tagged rose or fell where the share moved by more than 0.5 percentage points. Changes within that range, including its endpoints, are labelled level.
An issuer appears only if both periods contain four quarters of capex and revenue data.
Each issuer’s window follows its source records. Oracle has source period dates outside March, June, September and December. Baseline source dates range from 2019-11-30 to 2019-12-31; the latest dates range from 2025-12-31 to 2026-02-28. The table below gives the capex and revenue used in each ratio.
From 2019 to the latest complete periods, the 6 hyperscalers multiplied their capital spending by 5.5× while multiplying revenue by 2.2×. Capex as a share of revenue moved from 8.4% to 20.5%, a change of 12.2 percentage points, calculated before rounding. The largest change was at Oracle, 4.0% to 75.3%, a move of 71.3 percentage points. The smallest change was at Apple, which fell 0.7 percentage points.
The operands: capex, revenue, and the window each was summed over
Issuer
Capex 2019
Revenue 2019
Capex, latest
Revenue, latest
Share, then → now
Oracle · four quarters to 2026-02-28
$1.6B
$39.6B
$48.3B
$64.1B
4.0% → 75.3%
Meta · four quarters to 2025-12-31
$15.1B
$70.7B
$69.7B
$201.0B
21.4% → 34.7%
Microsoft · four quarters to 2025-12-31
$13.5B
$134.2B
$83.1B
$305.5B
10.1% → 27.2%
Alphabet (Google) · four quarters to 2025-12-31
$23.5B
$161.9B
$91.4B
$402.8B
14.5% → 22.7%
Amazon (AWS) · four quarters to 2025-12-31
$16.9B
$280.5B
$131.8B
$716.9B
6.0% → 18.4%
Apple · four quarters to 2025-12-31
$9.2B
$267.7B
$12.1B
$435.6B
3.5% → 2.8%
All 6, summed · capex ×5.46, revenue ×2.23
$79.9B
$954.6B
$436.4B
$2.13T
8.4% → 20.5%
Vintagerecorded periods 2018-01-31 to 2026-02-28 · each of the 25 issuers at its latest recorded quarter781 quarterly rows · 29 without a quarterly capex figure
Quarter by quarter
Quarterly series
The series below shows quarterly changes between the periods compared above. Each company has its own panel, positioned by the dates its quarters ended. Switch to capex as a share of revenue to compare reinvestment rates.
ViewEach company’s own quarter ends; equal dollar scales across panels.
Shared scale
Microsoft
MSFT
$29.88B · 2025-12-31
Capex
$29.88B
Revenue
$81.27B
Capex / revenue
36.8%
All 32 quarters
Quarter ended
Capex (USD)
Revenue (USD)
Capex / revenue (%)
2018-03-31
—
26,819,000,000
—
2018-06-30
3,980,000,000
30,085,000,000
13.22918397872694
2018-09-30
3,602,000,000
29,084,000,000
12.38481639389355
2018-12-31
3,707,000,000
32,471,000,000
11.416340734809523
2019-03-31
2,565,000,000
30,571,000,000
8.39030453697949
2019-06-30
4,051,000,000
33,717,000,000
12.014710680072367
2019-09-30
3,385,000,000
33,055,000,000
10.24050824383603
2019-12-31
3,545,000,000
36,906,000,000
9.605484203110604
2020-03-31
3,767,000,000
35,021,000,000
10.756403300876617
2020-06-30
4,744,000,000
38,033,000,000
12.47337838193148
2020-09-30
4,907,000,000
37,154,000,000
13.207191688647251
2020-12-31
4,174,000,000
43,076,000,000
9.68985049679636
2021-03-31
5,089,000,000
41,706,000,000
12.202081235313864
2021-06-30
6,452,000,000
46,152,000,000
13.979892529034496
2021-09-30
5,810,000,000
45,317,000,000
12.820795727872541
2021-12-31
5,865,000,000
51,728,000,000
11.338153417878132
2022-03-31
5,340,000,000
49,360,000,000
10.818476499189627
2022-06-30
6,871,000,000
51,865,000,000
13.247855008194351
2022-09-30
6,283,000,000
50,122,000,000
12.535413590838354
2022-12-31
6,274,000,000
52,747,000,000
11.894515327885946
2023-03-31
6,607,000,000
52,857,000,000
12.49976351287436
2023-06-30
8,943,000,000
56,189,000,000
15.915926604851482
2023-09-30
9,917,000,000
56,517,000,000
17.546932781287047
2023-12-31
9,735,000,000
62,020,000,000
15.69654950016124
2024-03-31
10,952,000,000
61,858,000,000
17.705066442497333
2024-06-30
13,873,000,000
64,727,000,000
21.43309592596598
2024-09-30
14,923,000,000
65,585,000,000
22.75367843256842
2024-12-31
15,804,000,000
69,632,000,000
22.696461397058822
2025-03-31
16,745,000,000
70,066,000,000
23.898895327262867
2025-06-30
17,079,000,000
76,441,000,000
22.342721837757225
2025-09-30
19,394,000,000
77,673,000,000
24.968779369922625
2025-12-31
29,876,000,000
81,273,000,000
36.7600556150259
Amazon (AWS)
AMZN
$39.52B · 2025-12-31
Capex
$39.52B
Revenue
$213.39B
Capex / revenue
18.5%
All 32 quarters
Quarter ended
Capex (USD)
Revenue (USD)
Capex / revenue (%)
2018-03-31
3,098,000,000
51,042,000,000
6.069511382782807
2018-06-30
3,243,000,000
52,886,000,000
6.1320576334001435
2018-09-30
3,352,000,000
56,576,000,000
5.924773755656108
2018-12-31
3,734,000,000
72,383,000,000
5.15866985341862
2019-03-31
3,290,000,000
59,700,000,000
5.510887772194304
2019-06-30
3,562,000,000
63,404,000,000
5.617942085672828
2019-09-30
4,697,000,000
69,982,000,000
6.711725872367181
2019-12-31
5,312,000,000
87,436,000,000
6.075300791436022
2020-03-31
6,795,000,000
75,452,000,000
9.005725494354026
2020-06-30
7,459,000,000
88,912,000,000
8.389193809609502
2020-09-30
11,063,000,000
96,145,000,000
11.506578605231681
2020-12-31
14,823,000,000
125,555,000,000
11.805981442395764
2021-03-31
12,082,000,000
108,518,000,000
11.13363681601209
2021-06-30
14,288,000,000
113,080,000,000
12.635302440749912
2021-09-30
15,748,000,000
110,812,000,000
14.211457242897882
2021-12-31
18,935,000,000
137,412,000,000
13.779728116903907
2022-03-31
14,951,000,000
116,444,000,000
12.839648242932226
2022-06-30
15,724,000,000
121,234,000,000
12.969958922414504
2022-09-30
16,378,000,000
127,101,000,000
12.8858152178189
2022-12-31
16,592,000,000
149,204,000,000
11.120345299053644
2023-03-31
14,207,000,000
127,358,000,000
11.155168893983888
2023-06-30
11,455,000,000
134,383,000,000
8.524143678887954
2023-09-30
12,479,000,000
143,083,000,000
8.721511290649483
2023-12-31
14,588,000,000
169,961,000,000
8.583145545154476
2024-03-31
14,925,000,000
143,313,000,000
10.414268070586758
2024-06-30
17,620,000,000
147,977,000,000
11.90725585732918
2024-09-30
22,620,000,000
158,877,000,000
14.237428954474215
2024-12-31
27,834,000,000
187,792,000,000
14.821717645054102
2025-03-31
25,019,000,000
155,667,000,000
16.072128325207014
2025-06-30
32,183,000,000
167,702,000,000
19.190588066928242
2025-09-30
35,095,000,000
180,169,000,000
19.478933667834088
2025-12-31
39,522,000,000
213,386,000,000
18.521365038006245
Alphabet (Google)
GOOGL
$27.85B · 2025-12-31
Capex
$27.85B
Revenue
$113.83B
Capex / revenue
24.5%
All 32 quarters
Quarter ended
Capex (USD)
Revenue (USD)
Capex / revenue (%)
2018-03-31
7,299,000,000
31,146,000,000
23.43479098439607
2018-06-30
5,477,000,000
32,657,000,000
16.7712894632085
2018-09-30
5,282,000,000
33,740,000,000
15.655008891523414
2018-12-31
7,081,000,000
39,276,000,000
18.02882167226805
2019-03-31
4,638,000,000
36,339,000,000
12.763147032114258
2019-06-30
6,126,000,000
38,944,000,000
15.73027937551356
2019-09-30
6,732,000,000
40,499,000,000
16.622632657596483
2019-12-31
6,052,000,000
46,075,000,000
13.135105805751493
2020-03-31
6,005,000,000
41,159,000,000
14.589761656016911
2020-06-30
5,391,000,000
38,297,000,000
14.076820638692325
2020-09-30
5,406,000,000
46,173,000,000
11.708141121434606
2020-12-31
5,479,000,000
56,898,000,000
9.629512460894935
2021-03-31
5,942,000,000
55,314,000,000
10.742307553241494
2021-06-30
5,496,000,000
61,880,000,000
8.881706528765353
2021-09-30
6,819,000,000
65,118,000,000
10.47175896065604
2021-12-31
6,383,000,000
75,325,000,000
8.473946232990375
2022-03-31
9,786,000,000
68,011,000,000
14.388848862683979
2022-06-30
6,828,000,000
69,685,000,000
9.798378417162947
2022-09-30
7,276,000,000
69,092,000,000
10.530886354425984
2022-12-31
7,595,000,000
76,048,000,000
9.987113402061857
2023-03-31
6,289,000,000
69,787,000,000
9.011707051456575
2023-06-30
6,888,000,000
74,604,000,000
9.232748914267331
2023-09-30
8,055,000,000
76,693,000,000
10.502914216421317
2023-12-31
11,019,000,000
86,310,000,000
12.766770941953423
2024-03-31
12,012,000,000
80,539,000,000
14.914513465526019
2024-06-30
13,186,000,000
84,742,000,000
15.560170871586699
2024-09-30
13,061,000,000
88,268,000,000
14.796981918702134
2024-12-31
14,276,000,000
96,469,000,000
14.798536317366201
2025-03-31
17,197,000,000
90,234,000,000
19.05822638916595
2025-06-30
22,446,000,000
96,428,000,000
23.277471273903846
2025-09-30
23,953,000,000
102,345,000,000
23.404172162782743
2025-12-31
27,851,000,000
113,829,000,000
24.467402858673974
Meta
META
$21.38B · 2025-12-31
Capex
$21.38B
Revenue
$59.89B
Capex / revenue
35.7%
All 32 quarters
Quarter ended
Capex (USD)
Revenue (USD)
Capex / revenue (%)
2018-03-31
2,812,000,000
11,966,000,000
23.499916429884674
2018-06-30
3,460,000,000
13,231,000,000
26.15070667372081
2018-09-30
3,342,000,000
13,727,000,000
24.346179063160196
2018-12-31
4,301,000,000
16,914,000,000
25.428638997280363
2019-03-31
3,837,000,000
15,077,000,000
25.449359952245143
2019-06-30
3,633,000,000
16,886,000,000
21.514864384697383
2019-09-30
3,532,000,000
17,652,000,000
20.009064128710627
2019-12-31
4,100,000,000
21,082,000,000
19.447870221041647
2020-03-31
3,558,000,000
17,737,000,000
20.059762079269326
2020-06-30
3,255,000,000
18,686,000,000
17.419458418067002
2020-09-30
3,689,000,000
21,470,000,000
17.182114578481603
2020-12-31
4,613,000,000
28,072,000,000
16.432744371615847
2021-03-31
4,272,000,000
26,171,000,000
16.323411409575485
2021-06-30
4,612,000,000
29,077,000,000
15.861333700175395
2021-09-30
4,314,000,000
29,010,000,000
14.870734229576007
2021-12-31
5,369,000,000
33,671,000,000
15.945472364943125
2022-03-31
5,441,000,000
27,908,000,000
19.496201805933783
2022-06-30
7,572,000,000
28,821,000,000
26.272509628395962
2022-09-30
9,375,000,000
27,715,000,000
33.82644777196464
2022-12-31
9,043,000,000
32,165,000,000
28.11441007306078
2023-03-31
6,842,000,000
28,645,000,000
23.885494850759294
2023-06-30
6,216,000,000
32,000,000,000
19.425
2023-09-30
6,543,000,000
34,146,000,000
19.161834475487613
2023-12-31
7,665,000,000
40,111,000,000
19.109471217371794
2024-03-31
6,400,000,000
36,455,000,000
17.555890824303937
2024-06-30
8,173,000,000
39,072,000,000
20.917792792792792
2024-09-30
8,258,000,000
40,589,000,000
20.34541378205918
2024-12-31
14,425,000,000
48,385,000,000
29.812958561537666
2025-03-31
12,941,000,000
42,314,000,000
30.58325849600605
2025-06-30
16,538,000,000
47,516,000,000
34.805118275949155
2025-09-30
18,829,000,000
51,243,000,000
36.74453096032629
2025-12-31
21,383,000,000
59,893,000,000
35.70200190339439
Oracle
ORCL
$18.64B · 2026-02-28
Capex
$18.64B
Revenue
$17.19B
Capex / revenue
108.4%
All 33 quarters
Quarter ended
Capex (USD)
Revenue (USD)
Capex / revenue (%)
2018-02-28
—
9,676,000,000
—
2018-05-31
378,000,000
11,014,000,000
3.431995641910296
2018-08-31
383,000,000
9,193,000,000
4.166213423256826
2018-11-30
421,000,000
9,562,000,000
4.402844593181343
2019-02-28
443,000,000
9,614,000,000
4.6078635323486585
2019-05-31
413,000,000
11,137,000,000
3.708359522313011
2019-08-31
386,000,000
9,218,000,000
4.187459318724236
2019-11-30
349,000,000
9,614,000,000
3.6301227376742253
2020-02-29
396,000,000
9,797,000,000
4.042053689905073
2020-05-31
433,000,000
10,439,000,000
4.147906887632915
2020-08-31
436,000,000
9,367,000,000
4.654638624959966
2020-11-30
568,000,000
9,800,000,000
5.795918367346939
2021-02-28
414,000,000
10,085,000,000
4.1051065939514135
2021-05-31
717,000,000
11,227,000,000
6.386389952792376
2021-08-31
1,062,000,000
9,728,000,000
10.916940789473683
2021-11-30
925,000,000
10,359,000,000
8.929433342986774
2022-02-28
1,101,000,000
10,513,000,000
10.47274802625321
2022-05-31
1,423,000,000
11,840,000,000
12.01858108108108
2022-08-31
1,719,000,000
11,445,000,000
15.019659239842726
2022-11-30
2,435,000,000
12,275,000,000
19.83706720977597
2023-02-28
2,628,000,000
12,398,000,000
21.196967252782706
2023-05-31
1,913,000,000
13,836,000,000
13.826250361376118
2023-08-31
1,314,000,000
12,453,000,000
10.551674295350518
2023-11-30
1,080,000,000
12,941,000,000
8.3455683486593
2024-02-29
1,674,000,000
13,280,000,000
12.605421686746986
2024-05-31
2,798,000,000
14,287,000,000
19.584237418632323
2024-08-31
2,303,000,000
13,307,000,000
17.306680694371384
2024-11-30
3,970,000,000
14,059,000,000
28.238139270218365
2025-02-28
5,862,000,000
14,130,000,000
41.48619957537155
2025-05-31
9,080,000,000
15,903,000,000
57.09614538137458
2025-08-31
8,502,000,000
14,926,000,000
56.96100763767922
2025-11-30
12,033,000,000
16,057,000,000
74.93927881920658
2026-02-28
18,635,000,000
17,190,000,000
108.40605002908667
Apple
AAPL
$2.37B · 2025-12-31
Capex
$2.37B
Revenue
$143.76B
Capex / revenue
1.7%
All 32 quarters
Quarter ended
Capex (USD)
Revenue (USD)
Capex / revenue (%)
2018-03-31
—
61,137,000,000
—
2018-06-30
3,267,000,000
53,029,000,000
6.160779950593072
2018-09-30
3,041,000,000
62,900,000,000
4.834658187599364
2018-12-31
3,355,000,000
84,310,000,000
3.979361878780691
2019-03-31
2,363,000,000
58,015,000,000
4.073084547099888
2019-06-30
2,000,000,000
53,809,000,000
3.716850341021019
2019-09-30
2,777,000,000
64,040,000,000
4.3363522798251095
2019-12-31
2,107,000,000
91,819,000,000
2.294732027140352
2020-03-31
1,853,000,000
58,313,000,000
3.177679076706738
2020-06-30
1,565,000,000
59,685,000,000
2.6220993549468044
2020-09-30
1,784,000,000
64,698,000,000
2.7574268138118643
2020-12-31
3,500,000,000
111,439,000,000
3.1407317007510835
2021-03-31
2,269,000,000
89,584,000,000
2.532818360421504
2021-06-30
2,093,000,000
81,434,000,000
2.5701795318908567
2021-09-30
3,223,000,000
83,360,000,000
3.866362763915547
2021-12-31
2,803,000,000
123,945,000,000
2.261486949856791
2022-03-31
2,514,000,000
97,278,000,000
2.5843458952692284
2022-06-30
2,102,000,000
82,959,000,000
2.533781747610265
2022-09-30
3,289,000,000
90,146,000,000
3.6485257249351055
2022-12-31
3,787,000,000
117,154,000,000
3.2324973965891046
2023-03-31
2,916,000,000
94,836,000,000
3.074781728457548
2023-06-30
2,093,000,000
81,797,000,000
2.5587735491521695
2023-09-30
2,163,000,000
89,498,000,000
2.4168137835482355
2023-12-31
2,392,000,000
119,575,000,000
2.000418147606105
2024-03-31
1,996,000,000
90,753,000,000
2.199376329157163
2024-06-30
2,151,000,000
85,777,000,000
2.5076652249437497
2024-09-30
2,908,000,000
94,930,000,000
3.063309807226377
2024-12-31
2,940,000,000
124,300,000,000
2.3652453740949317
2025-03-31
3,071,000,000
95,359,000,000
3.2204616239683723
2025-06-30
3,462,000,000
94,036,000,000
3.6815687609000807
2025-09-30
3,242,000,000
102,466,000,000
3.1639763433724357
2025-12-31
2,373,000,000
143,756,000,000
1.6507137093408275
Select a bar or move its slider to read the quarter’s capex and revenue. An amber outline marks a reported quarter whose value cannot be calculated; a short baseline mark means zero. Dates with no row for that company have no mark.
Combined quarterly totals and trailing-four-quarter trend
Quarter by quarter. One bar per source period date, containing the issuers recorded against that date. The database’s dates can differ from a filing’s quarter end.
Bars in one period combine issuers with matching source dates: 32 of 65 periods have a single filer, and no period has more than 5 of the 6. The 6 are recorded on different schedules, so the alternating bar heights also reflect how many issuers appear on each date.
The pale band behind a bar marks a source period with fewer than all 6 issuers — on this axis every one of the 65, because the 6 never all appear at the same source date.
The line sums each issuer’s own trailing four quarters, read at the last recorded quarter at or before the plotted source date. Four consecutive bars span four or five months of calendar time and hold about two quarters from each issuer. The line is drawn only where all 6 have a complete window (56 of 65 periods). A window counts only when all four of its incremental-capex cells are computable; where one is not, the line breaks, because an older window substituted there would draw a movement the data does not contain.
Not computable29 of 781 rows have no incremental-capex cell: a late listing such as Arm or GlobalFoundries has no prior quarter inside the extract for its first fiscal year, and neither do the extract’s own opening quarters. They are left null, appear as gaps in the series, and drop out of the cohort sum for those periods.
The issuer register
Latest quarter by issuer
The latest recorded quarter for each issuer, grouped by industry. Periods differ across rows; the table retains the source date and fiscal label for each. A dash marks missing quarterly capex; a calculated zero displays as $0.
Issuer
Latest recorded quarter
Capex, that quarter
Revenue, that quarter
Share of revenue
Hyperscalers · 6
Microsoft · MSFT
Source FY2026 Q2 · source date 2025-12-31
$29.9B
$81.3B
36.8%
Amazon (AWS) · AMZN
Source FY2025 Q4 · source date 2025-12-31
$39.5B
$213.4B
18.5%
Alphabet (Google) · GOOGL
Source FY2025 Q4 · source date 2025-12-31
$27.9B
$113.8B
24.5%
Meta · META
Source FY2025 Q4 · source date 2025-12-31
$21.4B
$59.9B
35.7%
Oracle · ORCL
Source FY2025 Q3 · source date 2026-02-28
$18.6B
$17.2B
108.4%
Apple · AAPL
Source FY2026 Q1 · source date 2025-12-31
$2.4B
$143.8B
1.7%
Chip designers · 7
Nvidia · NVDA
Source FY2025 Q4 · source date 2026-01-31
$1.3B
$68.1B
1.9%
AMD · AMD
Source FY2025 Q4 · source date 2025-12-31
$222M
$10.3B
2.2%
Intel · INTC
Source FY2025 Q4 · source date 2025-12-31
$3.5B
$13.7B
25.5%
Qualcomm · QCOM
Source FY2026 Q1 · source date 2025-12-31
$549M
$12.3B
4.5%
Broadcom · AVGO
Source FY2026 Q1 · source date 2026-01-31
$250M
$19.3B
1.3%
Marvell · MRVL
Source FY2025 Q4 · source date 2026-01-31
$114M
$2.2B
5.2%
Arm · ARM
Source FY2025 Q3 · source date 2025-12-31
$179M
$1.2B
14.4%
Foundries · 2
TSMC · TSM
Source FY2025 Q4 · source date 2025-12-31
$10.5B
$30.7B
34.2%
GlobalFoundries · GFS
Source FY2025 Q4 · source date 2025-12-31
$208M
$1.8B
11.4%
Semi equipment · 5
ASML · ASML
Source FY2025 Q4 · source date 2025-12-31
$527M
$11.4B
4.6%
Applied Materials · AMAT
Source FY2026 Q1 · source date 2026-01-31
$646M
$7.0B
9.2%
Lam Research · LRCX
Source FY2026 Q2 · source date 2025-12-31
$261M
$5.3B
4.9%
KLA · KLAC
Source FY2026 Q2 · source date 2025-12-31
$106M
$3.3B
3.2%
Teradyne · TER
Source FY2025 Q4 · source date 2025-12-31
$63M
$1.1B
5.8%
Memory · 1
Micron · MU
Source FY2026 Q2 · source date 2026-02-28
$6.4B
$23.9B
26.8%
Networking · 1
Arista Networks · ANET
Source FY2025 Q4 · source date 2025-12-31
$37M
$2.5B
1.5%
Colocation REITs · 2
Equinix · EQIX
Source FY2025 Q4 · source date 2025-12-31
$2.0B
$2.4B
84.3%
Digital Realty · DLR
Source FY2025 Q4 · source date 2025-12-31
$0
$1.7B
0.0%
AI-DC power infrastructure · 1
Vertiv · VRT
Source FY2025 Q4 · source date 2025-12-31
$93M
$2.9B
3.2%
How a quarter is made
1 · Sources
Quarterly capital expenditure and revenue come from a licensed financial database that standardises corporate filings. The figures are therefore classified as tier 2: a secondary database of primary disclosures. What the licence permits.
2 · Quarterly capital expenditure
The source reports cumulative capital expenditure within each fiscal year. The first quarter uses that reported total; later quarters subtract the preceding quarter’s cumulative figure. If the predecessor is outside the extract, quarterly expenditure remains unavailable.
3 · Reconciliation
Four quarterly incrementals sum to within ±$2M of the source’s own annual capital-expenditure figure across 180 of 180 closed fiscal years. Fourteen partial fiscal years carrying one or more null quarters, and eleven still open, are left unreconciled.
4 · Period alignment
The chart uses the source database’s period dates and fiscal labels. These can differ from the dates in a filing: Apple’s fiscal 2026 first quarter ended on 27 December 2025, while its source row is dated 31 December. Trailing totals combine four consecutive quarters for each issuer; four adjacent dates on the combined chart do not necessarily contain four quarters from every company.
5 · Issuer coverage
The 25 issuers are fixed by the extract pipeline: the AI-infrastructure-relevant set spanning hyperscalers, chip designers, foundries, semiconductor equipment, memory, networking, colocation REITs and data-centre power infrastructure. The figure and the series draw the 6 hyperscalers; the register has all 25. Membership says an issuer builds or supplies AI infrastructure; what fraction of its capital budget went to that is a question no column in the source answers.
