Q1 2026 earnings dropped Apr 29. Microsoft outlined $190B in CY2026 capex (vs. ~$152B analyst consensus). Alphabet raised the full-year range to $180-190B from $175-185B and CFO Anat Ashkenazi said 2027 will 'significantly increase' from there. Meta raised to $125-145B from $115-135B. Combined across MSFT/GOOGL/META/AMZN/AAPL the 2026 number now exceeds $650B.
Primary source · Fortune ↗
Why it matters
Direct input to outreach copy and underwriting decks: every $50K/MW interconnection-fee or $5M filing-spend conversation is anchored against this number. Microsoft's CFO explicitly attributed $25B of the record budget to memory/component price inflation — strengthens the BloombergNEF +66% CCGT-capex story from yesterday's send (the buyer side is also seeing component inflation, not just generation). Update the macro paragraph at the top of de-rate-calculator-gtm.md and ercot-large-load-underwriting.md.
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