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Big Tech's AI spending has officially gone PARABOLIC.
In 2026, the four largest hyperscalers, $MSFT, $GOOGL, $AMZN, and $META, are projected to spend a combined $635 - $700 BILLION on capital expenditures.
That's a 67-74% increase from 2025's already-historic $381 billion.
To fund it, hyperscalers are now expected to issue over $400 BILLION in new debt this year, more than DOUBLE the $165 billion they raised in 2025.
Alphabet alone has lined up financing that includes a 100-YEAR bond, a maturity virtually unheard of in modern corporate finance.
Meanwhile, Google just committed $40 BILLION to Anthropic, and Amazon added another $5 BILLION on top of its existing stake.
This means roughly 90% of Big Tech's operating cash flow is now being recycled into AI infrastructure, leaving very little room for buybacks, dividends, or error.
Investors are no longer being asked to bet on earnings... they are being asked to bet on whether AI revenue can EVER catch up to AI spending.
This week, we get the first real answer.