By TradingView
Publication Date: 2026-02-13 11:11:00
Amazon, Microsoft, and Google-parent Alphabet have spent weeks convincing investors that their AI buildout will pay off, but the market’s patience is thinning as 2026 capital-spending plans climb.
Amazon helped spark the latest wobble after flagging about $200 billion of 2026 capex, while Alphabet projected $175 billion to $185 billion, figures that revived worries about near-term cash flow and margins.
In the background, a different trade is working: buying the suppliers and landlords of AI infrastructure.
Heavy AI capex dampens mega-cap stocks
The pressure on hyperscalers is not about demand fading. It is about the price tag of meeting it.
Amazon’s forecast for roughly $200 billion of 2026 capital spending, aimed largely at data centers and AI-related infrastructure, surprised investors and weighed on the shares.
Alphabet’s outlook was similarly jarring: it told investors to expect 2026 capex of $175 billion to $185 billion, a step-up that briefly pushed the stock down as much as…
