May. 25 at 1:40 PM
Hyperscaler capex is entering a completely different regime.
Consensus models already point from ~
$380B in FY2025 to ~
$1.03T by FY2028 (~39.5% CAGR), but even that may be conservative if AI infrastructure demand continues compounding at current rates.
$NVDA leadership has floated a longer-term scenario where AI infra spend could approach
$4T by 2030 — implying a much steeper acceleration beyond current forecasts.
That level of investment doesn’t happen in isolation — it’s driven by
$AMZN,
$MSFT,
$GOOGL, and
$META scaling compute, networking, memory, and power infrastructure simultaneously.
In markets like this, the real question isn’t if capex grows — it’s who sits in the supply chain when it does.
