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Alphabet lifted its 2026 capital expenditure outlook after CFO Anat Ashkenazi said Google Cloud remains supply-constrained for a multiple consecutive quarters. The move puts Alphabet inside a roughly $650 billion 2026 spending envelope shared by four AI hyperscalers, raising the stakes for investors weighing capex against returns.
TSMC raised its 2026 capital spending target on July 16 after posting record second-quarter results, signaling sustained AI chip demand. Semiconductor equipment supplier Applied Materials is already up 121% year-to-date, and analysts are watching whether ASML and Lam Research follow the same trajectory.
CoreWeave and other specialized AI cloud providers are developing in-house data center construction capabilities as powered shell infrastructure has become the primary deployment constraint, not chip availability or power access. The shift marks a vertical integration push aimed at cutting deployment delays, with CoreWeave expecting to resolve the majority of current backlogs by Q1 2026.