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The near term AI trade hinges in part on 2027 capex growth outlook from the hyperscalers. The other part is cloud growth. As for capex, I don’t expect them to say much about 2027 this earnings cycle. That said, I expect analysts numbers to come up based on high level comments about current capex trends, starting with Google tonight. Currently the Street is expecting $GOOG , $AMZN , $META , $MSFT to grow capex in 2027 by 28%, up from 23% two weeks ago. I believe that number will increase to 37% after June earnings revisions.