Amazon Apr 29 evening: Q1 net sales $181.5B (+17% YoY), EPS $2.78 vs $1.62 consensus, AWS revenue $37.59B (+28%, 15-quarter high). Andy Jassy committed ~$200B 2026 capex; Q1 capex $44.2B (+77% YoY). Bedrock token volume in Q1 alone exceeded all prior years combined; customer spend +170% QoQ. Apple Apr 30 PM: $111.18B revenue, $2.01 EPS, services $30.98B — Apple's on-device inference model insulates it from the GPU/grid bottleneck the other four are competing for. Combined MSFT + GOOGL + META + AMZN 2026 capex now ~$725B per Stocktwits compile.
Primary source · Stocktwits ↗
Why it matters
Refines yesterday's $650B number to $725B and adds the Amazon-specific signal that's most underwriting-relevant: AWS growth re-accelerated to a 15-quarter high in the *same* quarter that capex grew 77% YoY. That's the demand-side validation for the supply-side bottleneck — capacity is selling through faster than it's coming online, which is what the de-rate-calculator-gtm.md / firm-equivalent-mw-underwrite.md narrative depends on. Apple's structural absence from the cloud-capex race is the other side: ~1 of 5 incumbent 'hyperscalers' isn't bidding for grid power, which makes the demand concentration on the other four even more important. Update the macro paragraph in de-rate-calculator-gtm.md from $650B → $725B.
Tags
Related filings
Federal / DOE vs FERC / framework due end of June
Plain-English framing: in the U.S. grid, FERC (the federal regulator) governs interstate transmission, while individual state commissions govern local distribution and retail service. Data centers are so large that they blur the line — a single campus can...
Utility Dive / White & Case / American Bar Association / ENR ↗
Cheyenne / committee no recommendation / motion died for second
Cheyenne is the weakest of the four outcomes for the pause camp. A motion failing to get a second in committee is the procedural equivalent of zero councilors other than the sponsor being willing to publicly support advancing the proposal. The 'no...
Cap City News / Wyoming News / Cowboy State Daily / Wyoming Public Media ↗
Meta Hyperion / 10 gas plants / 7 GW / 30% LA grid expansion
Hyperion is the largest single-site hyperscaler gas-fleet buildout in US history. The 10-gas-plant, 7+ GW figure is roughly 2x the next-largest hyperscaler gas commitment on the public tape (Microsoft's Quincy WA campus, ~3.5 GW gas commitment) and roughly...
Yahoo Finance / The Cool Down / WinBuzzer / EnergyNow / Energy Connects / Utility Dive ↗
MI Penn Twp / IN Washington / FL Nassau / WI Sheboygan
Three more entries in the local-moratorium tape, each illustrating a different sub-pattern. Penn Township MI: pure preemptive moratorium with no land sold and no developer named. The Diamond Lake Association (the local lake-property-owner organization) drove...
WNDU / WSBT / IPM News / Washington Times-Herald / News4Jax / Seehafer News ↗