HYPERSCALER HYPERVENTILATION

Hyperscaler capital spending on the AI arms race isn’t just breaking records, it’s propping up the economy. Alphabet, Amazon, Meta, and Microsoft plan to spend $650 billion in CY2026, mindboggling. Add Oracle and the total hits over $700 billion, 2.2% of GDP, and critically up 60% from 2025, which was up 50% from 2024! Spending during the telecom boom of the late 1990s peaked at $200 billion adjusted for inflation.