Six hyperscalers spent 25.7% of revenue on capital expenditure in their latest complete four quarters, against 9.7% in 2018; five raised that share and Apple lowered it.
Measured from
the 6 issuers summedone issuerboth ends are complete four-quarter windows
Oracle2018 3.7% → Latest 105.4% · rose
Meta2018 24.9% → Latest 39.1% · rose
Microsoft2018 12.0% → Latest 34.9% · rose
Alphabet (Google)2018 18.4% → Latest 29.7% · rose
Amazon (AWS)2018 5.8% → Latest 22.3% · rose
Apple2018 5.3% → Latest 2.2% · fell
All 6, summed2018 9.7% → Latest 25.7%
2018 = hollow dotLatest = solid dotone shared 0% to 110% axisboth ends are complete four-quarter windows
Each line compares a hyperscaler’s capital expenditure as a share of revenue in 2018 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 and Apple have source period dates outside March, June, September and December. Baseline source dates range from 2018-11-30 to 2018-12-31; the latest dates range from 2026-06-27 to 2026-08-31. The table below gives the capex and revenue used in each ratio.
From 2018 to the latest complete periods, the 6 hyperscalers multiplied their capital spending by 7.3× while multiplying revenue by 2.7×. Capex as a share of revenue moved from 9.7% to 25.7%, a change of 16.0 percentage points, calculated before rounding. The largest change was at Oracle, 3.7% to 105.4%, a move of 101.7 percentage points. The smallest change was at Apple, which fell 3.1 percentage points.
The operands: capex, revenue, and the window each was summed over
Issuer
Capex 2018
Revenue 2018
Capex, latest
Revenue, latest
Share, then → now
Oracle · four quarters to 2026-08-31
$1.5B
$39.3B
$75.7B
$71.8B
3.7% → 105.4%
Meta · four quarters to 2026-06-30
$13.9B
$55.8B
$89.3B
$228.2B
24.9% → 39.1%
Microsoft · four quarters to 2026-06-30
$14.2B
$118.5B
$115.9B
$331.8B
12.0% → 34.9%
Alphabet (Google) · four quarters to 2026-06-30
$25.1B
$136.8B
$132.4B
$445.9B
18.4% → 29.7%
Amazon (AWS) · four quarters to 2026-06-30
$13.4B
$232.9B
$173.0B
$775.7B
5.8% → 22.3%
Apple · four quarters to 2026-06-27
$13.9B
$261.6B
$10.0B
$466.8B
5.3% → 2.2%
All 6, summed · capex ×7.27, revenue ×2.75
$82.0B
$844.9B
$596.4B
$2.32T
9.7% → 25.7%
Vintagefiled quarters 2018-02-28 to 2026-08-31 for the 6 charted issuers, read from the SEC on 2026-09-25 · the register’s other 19 issuers at their latest licensed quarter205 filed quarters · each with a quarterly capex figure
Quarter by quarter
Quarterly series
The series below shows quarterly changes between the periods compared above, from each company’s own filings. 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.
View
Each company’s own quarter ends; equal dollar scales across panels.
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.
Shared scale
Microsoft
MSFT
Capex (USD)$35.8B
Latest quarter
Capex
$35.8B
Revenue
$90.01B
Capex / revenue
39.8%
All 34 quarters
Quarter ended
Capex (USD)
Revenue (USD)
Capex / revenue (%)
2018-03-31
2,934,000,000
26,819,000,000
10.9
2018-06-30
3,980,000,000
30,085,000,000
13.2
2018-09-30
3,602,000,000
29,084,000,000
12.4
2018-12-31
3,707,000,000
32,471,000,000
11.4
2019-03-31
2,565,000,000
30,571,000,000
8.4
2019-06-30
4,051,000,000
33,717,000,000
12.0
2019-09-30
3,385,000,000
33,055,000,000
10.2
2019-12-31
3,545,000,000
36,906,000,000
9.6
2020-03-31
3,767,000,000
35,021,000,000
10.8
2020-06-30
4,744,000,000
38,033,000,000
12.5
2020-09-30
4,907,000,000
37,154,000,000
13.2
2020-12-31
4,174,000,000
43,076,000,000
9.7
2021-03-31
5,089,000,000
41,706,000,000
12.2
2021-06-30
6,452,000,000
46,152,000,000
14.0
2021-09-30
5,810,000,000
45,317,000,000
12.8
2021-12-31
5,865,000,000
51,728,000,000
11.3
2022-03-31
5,340,000,000
49,360,000,000
10.8
2022-06-30
6,871,000,000
51,865,000,000
13.2
2022-09-30
6,283,000,000
50,122,000,000
12.5
2022-12-31
6,274,000,000
52,747,000,000
11.9
2023-03-31
6,607,000,000
52,857,000,000
12.5
2023-06-30
8,943,000,000
56,189,000,000
15.9
2023-09-30
9,917,000,000
56,517,000,000
17.5
2023-12-31
9,735,000,000
62,020,000,000
15.7
2024-03-31
10,952,000,000
61,858,000,000
17.7
2024-06-30
13,873,000,000
64,727,000,000
21.4
2024-09-30
14,923,000,000
65,585,000,000
22.8
2024-12-31
15,804,000,000
69,632,000,000
22.7
2025-03-31
16,745,000,000
70,066,000,000
23.9
2025-06-30
17,079,000,000
76,441,000,000
22.3
2025-09-30
19,394,000,000
77,673,000,000
25.0
2025-12-31
29,876,000,000
81,273,000,000
36.8
2026-03-31
30,876,000,000
82,886,000,000
37.3
2026-06-30
35,802,000,000
90,007,000,000
39.8
Amazon (AWS)
AMZN
Capex (USD)$54.21B
Latest quarter
Capex
$54.21B
Revenue
$200.61B
Capex / revenue
27.0%
All 34 quarters
Quarter ended
Capex (USD)
Revenue (USD)
Capex / revenue (%)
2018-03-31
3,098,000,000
51,042,000,000
6.1
2018-06-30
3,243,000,000
52,886,000,000
6.1
2018-09-30
3,352,000,000
56,576,000,000
5.9
2018-12-31
3,734,000,000
72,383,000,000
5.2
2019-03-31
3,290,000,000
59,700,000,000
5.5
2019-06-30
3,562,000,000
63,404,000,000
5.6
2019-09-30
4,697,000,000
69,981,000,000
6.7
2019-12-31
5,312,000,000
87,436,000,000
6.1
2020-03-31
6,795,000,000
75,452,000,000
9.0
2020-06-30
7,459,000,000
88,912,000,000
8.4
2020-09-30
11,063,000,000
96,145,000,000
11.5
2020-12-31
14,823,000,000
125,555,000,000
11.8
2021-03-31
12,082,000,000
108,518,000,000
11.1
2021-06-30
14,288,000,000
113,080,000,000
12.6
2021-09-30
15,748,000,000
110,812,000,000
14.2
2021-12-31
18,935,000,000
137,412,000,000
13.8
2022-03-31
14,951,000,000
116,444,000,000
12.8
2022-06-30
15,724,000,000
121,234,000,000
13.0
2022-09-30
16,378,000,000
127,101,000,000
12.9
2022-12-31
16,592,000,000
149,204,000,000
11.1
2023-03-31
14,207,000,000
127,358,000,000
11.2
2023-06-30
11,455,000,000
134,383,000,000
8.5
2023-09-30
12,479,000,000
143,083,000,000
8.7
2023-12-31
14,588,000,000
169,961,000,000
8.6
2024-03-31
14,925,000,000
143,313,000,000
10.4
2024-06-30
17,620,000,000
147,977,000,000
11.9
2024-09-30
22,620,000,000
158,877,000,000
14.2
2024-12-31
27,834,000,000
187,792,000,000
14.8
2025-03-31
25,019,000,000
155,667,000,000
16.1
2025-06-30
32,183,000,000
167,702,000,000
19.2
2025-09-30
35,095,000,000
180,169,000,000
19.5
2025-12-31
39,522,000,000
213,386,000,000
18.5
2026-03-31
44,203,000,000
181,519,000,000
24.4
2026-06-30
54,208,000,000
200,606,000,000
27.0
Alphabet (Google)
GOOGL
Capex (USD)$44.92B
Latest quarter
Capex
$44.92B
Revenue
$119.8B
Capex / revenue
37.5%
All 34 quarters
Quarter ended
Capex (USD)
Revenue (USD)
Capex / revenue (%)
2018-03-31
7,299,000,000
31,146,000,000
23.4
2018-06-30
5,477,000,000
32,657,000,000
16.8
2018-09-30
5,282,000,000
33,740,000,000
15.7
2018-12-31
7,081,000,000
39,276,000,000
18.0
2019-03-31
4,638,000,000
36,339,000,000
12.8
2019-06-30
6,126,000,000
38,944,000,000
15.7
2019-09-30
6,732,000,000
40,499,000,000
16.6
2019-12-31
6,052,000,000
46,075,000,000
13.1
2020-03-31
6,005,000,000
41,159,000,000
14.6
2020-06-30
5,391,000,000
38,297,000,000
14.1
2020-09-30
5,406,000,000
46,173,000,000
11.7
2020-12-31
5,479,000,000
56,898,000,000
9.6
2021-03-31
5,942,000,000
55,314,000,000
10.7
2021-06-30
5,496,000,000
61,880,000,000
8.9
2021-09-30
6,819,000,000
65,118,000,000
10.5
2021-12-31
6,383,000,000
75,325,000,000
8.5
2022-03-31
9,786,000,000
68,011,000,000
14.4
2022-06-30
6,828,000,000
69,685,000,000
9.8
2022-09-30
7,276,000,000
69,092,000,000
10.5
2022-12-31
7,595,000,000
76,048,000,000
10.0
2023-03-31
6,289,000,000
69,787,000,000
9.0
2023-06-30
6,888,000,000
74,604,000,000
9.2
2023-09-30
8,055,000,000
76,693,000,000
10.5
2023-12-31
11,019,000,000
86,310,000,000
12.8
2024-03-31
12,012,000,000
80,539,000,000
14.9
2024-06-30
13,186,000,000
84,742,000,000
15.6
2024-09-30
13,061,000,000
88,268,000,000
14.8
2024-12-31
14,276,000,000
96,469,000,000
14.8
2025-03-31
17,197,000,000
90,234,000,000
19.1
2025-06-30
22,446,000,000
96,428,000,000
23.3
2025-09-30
23,953,000,000
102,346,000,000
23.4
2025-12-31
27,851,000,000
113,829,000,000
24.5
2026-03-31
35,674,000,000
109,896,000,000
32.5
2026-06-30
44,924,000,000
119,796,000,000
37.5
Meta
META
Capex (USD)$30.12B
Latest quarter
Capex
$30.12B
Revenue
$60.8B
Capex / revenue
49.5%
All 34 quarters
Quarter ended
Capex (USD)
Revenue (USD)
Capex / revenue (%)
2018-03-31
2,812,000,000
11,966,000,000
23.5
2018-06-30
3,460,000,000
13,231,000,000
26.2
2018-09-30
3,342,000,000
13,727,000,000
24.3
2018-12-31
4,301,000,000
16,914,000,000
25.4
2019-03-31
3,837,000,000
15,077,000,000
25.4
2019-06-30
3,633,000,000
16,886,000,000
21.5
2019-09-30
3,532,000,000
17,652,000,000
20.0
2019-12-31
4,100,000,000
21,082,000,000
19.4
2020-03-31
3,558,000,000
17,737,000,000
20.1
2020-06-30
3,255,000,000
18,687,000,000
17.4
2020-09-30
3,689,000,000
21,470,000,000
17.2
2020-12-31
4,661,000,000
28,072,000,000
16.6
2021-03-31
4,303,000,000
26,171,000,000
16.4
2021-06-30
4,641,000,000
29,077,000,000
16.0
2021-09-30
4,346,000,000
29,010,000,000
15.0
2021-12-31
5,400,000,000
33,671,000,000
16.0
2022-03-31
5,441,000,000
27,908,000,000
19.5
2022-06-30
7,572,000,000
28,822,000,000
26.3
2022-09-30
9,375,000,000
27,714,000,000
33.8
2022-12-31
8,798,000,000
32,165,000,000
27.4
2023-03-31
6,823,000,000
28,645,000,000
23.8
2023-06-30
6,134,000,000
31,999,000,000
19.2
2023-09-30
6,496,000,000
34,146,000,000
19.0
2023-12-31
7,592,000,000
40,111,000,000
18.9
2024-03-31
6,400,000,000
36,455,000,000
17.6
2024-06-30
8,173,000,000
39,071,000,000
20.9
2024-09-30
8,258,000,000
40,589,000,000
20.3
2024-12-31
14,425,000,000
48,385,000,000
29.8
2025-03-31
12,941,000,000
42,314,000,000
30.6
2025-06-30
16,538,000,000
47,516,000,000
34.8
2025-09-30
18,829,000,000
51,242,000,000
36.7
2025-12-31
21,383,000,000
59,893,000,000
35.7
2026-03-31
18,997,000,000
56,311,000,000
33.7
2026-06-30
30,116,000,000
60,801,000,000
49.5
Oracle
ORCL
Capex (USD)$28.5B
Latest quarter
Capex
$28.5B
Revenue
$19.35B
Capex / revenue
147.3%
All 35 quarters
Quarter ended
Capex (USD)
Revenue (USD)
Capex / revenue (%)
2018-02-28
286,000,000
9,771,000,000
2.9
2018-05-31
378,000,000
10,804,000,000
3.5
2018-08-31
383,000,000
9,193,000,000
4.2
2018-11-30
421,000,000
9,562,000,000
4.4
2019-02-28
443,000,000
9,614,000,000
4.6
2019-05-31
413,000,000
11,137,000,000
3.7
2019-08-31
386,000,000
9,218,000,000
4.2
2019-11-30
349,000,000
9,614,000,000
3.6
2020-02-29
396,000,000
9,796,000,000
4.0
2020-05-31
433,000,000
10,439,000,000
4.1
2020-08-31
436,000,000
9,367,000,000
4.7
2020-11-30
568,000,000
9,800,000,000
5.8
2021-02-28
414,000,000
10,085,000,000
4.1
2021-05-31
717,000,000
11,227,000,000
6.4
2021-08-31
1,062,000,000
9,728,000,000
10.9
2021-11-30
925,000,000
10,360,000,000
8.9
2022-02-28
1,101,000,000
10,513,000,000
10.5
2022-05-31
1,423,000,000
11,840,000,000
12.0
2022-08-31
1,719,000,000
11,445,000,000
15.0
2022-11-30
2,435,000,000
12,275,000,000
19.8
2023-02-28
2,628,000,000
12,398,000,000
21.2
2023-05-31
1,913,000,000
13,836,000,000
13.8
2023-08-31
1,314,000,000
12,453,000,000
10.6
2023-11-30
1,080,000,000
12,941,000,000
8.3
2024-02-29
1,674,000,000
13,280,000,000
12.6
2024-05-31
2,798,000,000
14,287,000,000
19.6
2024-08-31
2,303,000,000
13,307,000,000
17.3
2024-11-30
3,970,000,000
14,059,000,000
28.2
2025-02-28
5,862,000,000
14,130,000,000
41.5
2025-05-31
9,080,000,000
15,903,000,000
57.1
2025-08-31
8,502,000,000
14,926,000,000
57.0
2025-11-30
12,033,000,000
16,058,000,000
74.9
2026-02-28
18,635,000,000
17,190,000,000
108.4
2026-05-31
16,493,000,000
19,184,000,000
86.0
2026-08-31
28,499,000,000
19,345,000,000
147.3
Apple
AAPL
Capex (USD)$2.46B
Latest quarter
Capex
$2.46B
Revenue
$109.42B
Capex / revenue
2.2%
All 34 quarters
Quarter ended
Capex (USD)
Revenue (USD)
Capex / revenue (%)
2018-03-31
4,195,000,000
61,137,000,000
6.9
2018-06-30
3,267,000,000
53,265,000,000
6.1
2018-09-30
3,041,000,000
62,900,000,000
4.8
2018-12-31
3,355,000,000
84,310,000,000
4.0
2019-03-31
2,363,000,000
58,015,000,000
4.1
2019-06-30
2,000,000,000
53,809,000,000
3.7
2019-09-30
2,777,000,000
64,040,000,000
4.3
2019-12-31
2,107,000,000
91,819,000,000
2.3
2020-03-31
1,853,000,000
58,313,000,000
3.2
2020-06-30
1,565,000,000
59,685,000,000
2.6
2020-09-30
1,784,000,000
64,698,000,000
2.8
2020-12-31
3,500,000,000
111,439,000,000
3.1
2021-03-31
2,269,000,000
89,584,000,000
2.5
2021-06-30
2,093,000,000
81,434,000,000
2.6
2021-09-30
3,223,000,000
83,360,000,000
3.9
2021-12-31
2,803,000,000
123,945,000,000
2.3
2022-03-31
2,514,000,000
97,278,000,000
2.6
2022-06-30
2,102,000,000
82,959,000,000
2.5
2022-09-30
3,289,000,000
90,146,000,000
3.6
2022-12-31
3,787,000,000
117,154,000,000
3.2
2023-03-31
2,916,000,000
94,836,000,000
3.1
2023-06-30
2,093,000,000
81,797,000,000
2.6
2023-09-30
2,163,000,000
89,498,000,000
2.4
2023-12-31
2,392,000,000
119,575,000,000
2.0
2024-03-31
1,996,000,000
90,753,000,000
2.2
2024-06-30
2,151,000,000
85,777,000,000
2.5
2024-09-30
2,908,000,000
94,930,000,000
3.1
2024-12-31
2,940,000,000
124,300,000,000
2.4
2025-03-31
3,071,000,000
95,359,000,000
3.2
2025-06-30
3,462,000,000
94,036,000,000
3.7
2025-09-30
3,242,000,000
102,466,000,000
3.2
2025-12-31
2,373,000,000
143,756,000,000
1.7
2026-03-31
1,971,000,000
111,184,000,000
1.8
2026-06-30
2,455,000,000
109,417,000,000
2.2
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: 35 of 69 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 69, 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 (62 of 69 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.
The issuer register
Latest quarter by issuer
The latest recorded quarter for each issuer, grouped by industry. The six hyperscalers print the figures they filed with the SEC; the other issuers’ figures come from a licensed database and print as size bands. Periods differ across rows; the table retains the period date and fiscal label for each. A dash marks missing quarterly capex.
Issuer
Latest recorded quarter
Capex, that quarter
Revenue, that quarter
Share of revenue
Hyperscalers · 6
Microsoft · MSFT
FY2026 Q4 · filed, period ended 2026-06-30
$35.8B
$90.0B
39.8%
Amazon (AWS) · AMZN
FY2026 Q2 · filed, period ended 2026-06-30
$54.2B
$200.6B
27.0%
Alphabet (Google) · GOOGL
FY2026 Q2 · filed, period ended 2026-06-30
$44.9B
$119.8B
37.5%
Meta · META
FY2026 Q2 · filed, period ended 2026-06-30
$30.1B
$60.8B
49.5%
Oracle · ORCL
FY2027 Q1 · filed, period ended 2026-08-31
$28.5B
$19.3B
147.3%
Apple · AAPL
FY2026 Q3 · filed, period ended 2026-06-27
$2.5B
$109.4B
2.2%
Chip designers · 7
Nvidia · NVDA
Source FY2026 Q2 · source date 2026-07-31
$2–5B
$50–100B
1–5%
AMD · AMD
Source FY2026 Q2 · source date 2026-06-30
$0.5–1B
$10–20B
5–10%
Intel · INTC
Source FY2026 Q2 · source date 2026-06-30
$2–5B
$10–20B
10–20%
Qualcomm · QCOM
Source FY2026 Q3 · source date 2026-06-30
$200–500M
$5–10B
1–5%
Broadcom · AVGO
Source FY2026 Q3 · source date 2026-07-31
$0.5–1B
$20–50B
1–5%
Marvell · MRVL
Source FY2026 Q2 · source date 2026-07-31
$100–200M
$2–5B
1–5%
Arm · ARM
Source FY2026 Q1 · source date 2026-06-30
$100–200M
$1–2B
10–20%
Foundries · 2
TSMC · TSM
Source FY2026 Q2 · source date 2026-06-30
$10–20B
$20–50B
30–40%
GlobalFoundries · GFS
Source FY2026 Q2 · source date 2026-06-30
$200–500M
$1–2B
20–30%
Semi equipment · 5
ASML · ASML
Source FY2026 Q3 · source date 2026-09-30
$200–500M
$10–20B
1–5%
Applied Materials · AMAT
Source FY2026 Q3 · source date 2026-07-31
$0.5–1B
$5–10B
5–10%
Lam Research · LRCX
Source FY2027 Q1 · source date 2026-09-30
$200–500M
$5–10B
1–5%
KLA · KLAC
Source FY2026 Q4 · source date 2026-06-30
$50–100M
$2–5B
1–5%
Teradyne · TER
Source FY2026 Q2 · source date 2026-06-30
$50–100M
$1–2B
5–10%
Memory · 1
Micron · MU
Source FY2026 Q4 · source date 2026-08-31
$10–20B
$50–100B
20–30%
Networking · 1
Arista Networks · ANET
Source FY2026 Q2 · source date 2026-06-30
$20–50M
$2–5B
0–1%
Colocation REITs · 2
Equinix · EQIX
Source FY2026 Q2 · source date 2026-06-30
$1–2B
$2–5B
60–70%
Digital Realty · DLR
Source FY2026 Q2 · source date 2026-06-30
—
$1–2B
—
AI-DC power infrastructure · 1
Vertiv · VRT
Source FY2026 Q2 · source date 2026-06-30
$100–200M
$2–5B
5–10%
How a quarter is made
1 · Sources
The six hyperscalers’ quarterly capital expenditure and revenue come from their own 10-Q and 10-K filings, read from the SEC’s XBRL data: tier 1. The register’s other issuers come from a licensed financial database that standardises corporate filings (tier 2), and print as size bands. What the licence permits.
2 · Quarterly capital expenditure
A 10-Q reports capital expenditure cumulatively within the fiscal year. The first quarter uses the filed figure; the second and third subtract the preceding cumulative figure, and the fourth subtracts the nine-month figure from the 10-K’s annual one. Revenue is filed for each quarter, the fourth being the annual figure less nine months. Where a later filing restates a quarter, the restated figure is used.
3 · Reconciliation
The fourth quarter is the 10-K’s annual figure less nine months, so four quarters sum to the 10-K’s annual capital expenditure in 47 of 47 closed fiscal years by construction, a check that catches a missing or mismatched year-to-date figure. Revenue is the independent test: three separately filed quarters match the filed nine-month figure, within the $2M that filing to the nearest million allows, in 48 of 48 years that file one. A pull that fails either check writes nothing.
4 · Period alignment
The charted issuers’ fiscal labels are their own: Microsoft’s fiscal year ends on 30 June, Oracle’s on 31 May and Apple’s in late September, so Oracle’s fiscal 2026 is the year to May 2026. The register’s other issuers keep the licensed database’s labels and dates, which can differ from the issuer’s own. The chart places each quarter at the month end nearest its close, so Apple’s fiscal 2026 first quarter, which ended on 27 December 2025, stands at 31 December beside the other December quarters; the register and the exports keep each filing’s own date. 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 six hyperscalers from their filings; the register has all 25, the other 19 as size bands. Membership says an issuer builds or supplies AI infrastructure; what fraction of its capital budget went to that is a question no line in the filings answers.
