By BigGo Finance
Publication Date: 2026-11-02 01:05:00
Nvidia Corp. (NVDA) has already crossed a $5 trillion market value and returned roughly 429% over three years, yet the argument now circulating on Wall Street is that the chipmaker’s biggest growth is still ahead of it — because its own customers keep raising the amount they plan to spend.
The case rests less on Nvidia’s product cycle than on the capital budgets of the handful of companies that buy its graphics processing units by the hundreds of thousands. In late October, Meta Platforms (META) lifted the low end of its 2026 capital spending range to $145 billion from $135 billion, Alphabet (GOOGL) held its $195 billion to $205 billion range and said outlays will climb significantly in 2027, and Microsoft (MSFT) trimmed its fiscal-year plan slightly to $170 billion while its finance chief flagged an acceleration in the first half of calendar 2027. Amazon (AMZN) reaffirmed a $220 billion program for this year.
Taken together, the largest hyperscalers are expected to spend more than $1 trillion on capital projects next year. Nvidia’s own forecast puts global data center capital expenditure at $3 trillion to $4 trillion annually by 2030.
| Company | 2026 capex plan | Stated direction for 2027 |
|---|---|---|
| Amazon | About $220 billion | Up meaningfully |
| Alphabet | $195 billion-$205 billion | Up significantly |
| Meta Platforms | $135 billion-$145 billion at the low end (raised) | Not specified |
| Microsoft | About $170 billion (trimmed) | Accelerating in first half of 2027 |
Note: Figures reflect…
