Beth Kindig

Alphabet is looking to raise $25 billion from its latest bond sale to help fund its AI buildout, per Bloomberg, with the notes being offered in up to 10 parts and up to 40 year terms. $GOOG $MSFT $META $AMZN

Anthropic has signed a $10 billion deal with AI infrastructure startup Volta Infra, with the six year deal covering 133MW of $NVDA Vera Rubin capacity, with phase 1 targeted by year-end. $GOOG $AVGO

Compute is expected to represent the largest share of AI capex from 2026 through 2031 at $5.1 trillion, per Goldman Sachs, followed by physical data center infrastructure and then power. $NVDA $AMD $AVGO

2027 capex forecasts show $GOOG expected to spend $284.8 billion, followed by $AMZN at $256.5 billion, $MSFT at $207.6 billion, and $META at $185.6 billion. Combined, the companies are projected to invest $934.5B in 2027, well within reach of the $1T milestone. https://t.co/mc9o1XqfSI

Monthly AI tokens processed are estimated to be around a current run rate of 11 quadrillion tokens, roughly double Goldman Sachs' May 2026 estimate of 5.6 quadrillion. $NVDA $MSFT $GOOG $AMZN

Q2’s reports proved two things for Big Tech: AI monetization is substantially improving, but AI capex remains even higher. While Big Tech grabs the headlines as $1T in capex approaches, the more compelling opportunities lie within those companies standing directly in the path of that capex. https://t.co/W7vSLaxLey $MSFT $AMZN $GOOG $META $NVDA

AMD $AMD is acquiring chip startup Taalas, which develops specialized chips aiming to reduce computing and memory bottlenecks in inference workloads. AMD is expected to integrate Taalas' tech into its future accelerator roadmap. $NVDA

Big Tech’s capex guidance for $732.5 billion in 2026 is now 158% higher than forecasts issued two years ago, meaning the flashy forecast for $1 trillion in 2027 is now firmly within reach – and that could still be too low.⬇️ https://t.co/LxvwLKbCws $MSFT $AMZN $GOOG $META

While Big Tech is approaching $50 billion annual AI run rates, capex is running up to 4X higher, and further AI revenue growth could only reinforce the spending cycle. This week, we look at exactly how far AI capex outpaces AI revenue, and who wins in the spending race. Link in bio. $GOOG $MSFT $META $AMZN

Goldman Sachs projects that investment-grade debt issuance by the hyperscalers will reach one-third of capex in 2027, or roughly $400 billion on $1.2 trillion in spending. $MSFT $GOOG $AMZN $META

Big Tech is barreling towards $1 trillion in capex in 2027, with analysts now projecting $7.6 trillion in cumulative capex from today through 2031. The key question for investors is who are the beneficiaries? We answer this pressing question in this week’s newsletter - link in bio. $MSFT $GOOG $AMZN $META

Amazon $AMZN CEO Andy Jassy: “We now believe we will spend approximately $220 billion in cash CapEx in 2026, the higher cost of memory pushing this number up from a prior estimate of about $200 billion. But even at that amount, we will still not have enough capacity to meet all the demand we have in 2026.” $MU $AVGO $NVDA

SanDisk: "We estimate the NAND market will exceed $300 billion in revenue in calendar year 2026, up 3x year-over-year." $SNDK $MU

Samsung is reportedly aiming to allocate 60-70% of its total production volume to long-term contracts, with rumors suggesting Amazon $AMZN, Microsoft $MSFT, Google $GOOG, Meta $META and Oracle $ORCL are among its long-term customers.

Google's AI tokens processed across its platforms increased from 9.7 trillion in May 2024 to more than 3.2 quadrillion in May 2026, representing nearly 7x YoY growth and increasing demand for AI inference. $GOOG $AVGO $NVDA https://t.co/r8V3MBYdjv

Nexus Data Centers is in advanced discussions with banks to raise $15 billion for a Texas data center for Anthropic, with Google providing financial guarantees and supply chips. $GOOG $MSFT $AMZN $AVGO

Big Tech’s capex to revenue ratios are surging – Meta $META is expected to hit 54.9% from 35.9%, Microsoft $MSFT is projected to reach 45% from 31%, Alphabet $GOOG is expected to hit41% from 23%, and Amazon $AMZN to 25% from 18%.

Microsoft $MSFT guided for Azure growth to accelerate slightly to 45% in FQ1, after hovering at the 39-40% range for several quarters. $AMZN $GOOG $ORCL

AMD $AMD says that its upcoming Helios rack featuring its MI445X GPUs delivers up to 30% more tokens per dollar than Nvidia’s $NVDA Vera Rubin NVL72 on Kimi K2 Thinking workloads.

Palantir $PLTR reported $1.94 billion in revenue in Q2, marking an acceleration to 92.8% YoY growth, 80 points faster than its growth from three years ago. Q3 revenue was guided to be $2.16-$2.164 billion, up 83.1% YoY. https://t.co/vhaBlO5LJy

Palantir $PLTR reported $764 million in US Commercial revenue in Q2, reaccelerating to 149% YoY and 28% QoQ, from 133% YoY and 18% QoQ in Q1. https://t.co/ZpI8I7lbL5

BlackRock completed a $12.5B bond financing for a Meta-backed data center, with the 20-year note due in 2048 sold at a 2.875% yield. Under the financing, Meta owns 20% stake in the data center and is responsible for construction cost overruns over a certain threshold. $META $MSFT $AMZN $GOOG

NAND revenue is expected to reach $360 billion this year, up 400% versus 2025 driven by pricing power, per Omdia. $MU $NVDA $SNDK

AMD CEO Lisa Su believes the total computing market will reach $2 trillion by 2030, with $1.4 trillion from AI accelerators and $220 billion from server CPUs. $AMD $NVDA $AVGO

Amazon: “Graviton revenue commitments have increased nearly 3x quarter-over-quarter, and Graviton5 is growing nearly 2x faster than Graviton4 did.” $AMZN $NVDA $GOOG $META

OpenAI is said to be in discussions with Nvidia about an up to $250 billion backstop to help it raise debt for a 10GW data center campus in Ohio, covering the lease and construction debt, not the $NVDA GPUs inside. $MSFT $GOOG $AMZN $ORCL

AMD signed a deal with Core Scientific for 530MW of AI data center capacity across five sites, with initial delivery in 2027 and full delivery expected by the end of 2028, with the potential to scale to 2.5GW over time. The deal is said to be worth more than $14 billion. $AMD $NVDA $CORZ

Aggregate annual token processing is no longer measured in billions or trillions of tokens, but in the quadrillions and quintillions. One key networking market is now expected to grow from $100M in 2025 to $39B by 2030 - a 390X increase in five years. Our latest analysis examines the additional beneficiaries of the token usage boom. https://t.co/eVY0vi1BAA $NVDA $GOOG $AMZN

TSMC's $TSM CoWoS capacity is expected to grow from 675K wafers in 2025 to 1.275M in 2026 and 2.31M in 2027. The 2027 forecast represents a significant upward revision from the previous estimate of 1.74M, reflecting accelerating AI-driven demand. https://t.co/GPFTeduVRe

In Q1, $AMZN’s AWS saw its fastest growth in 15 quarters, while AWS for AI achieved $15 billion in ARR, rising 260X versus $58 million when this unit launched three years ago. $GOOG $MSFT