Hyperscalers Hyperdrive $750B AI Capex, $1.3T RPO Amid Components Shortage

Hyperscalers Alphabet, Microsoft, Amazon, and Meta commit $750B to 2026 AI capex and $1.3T combined RPO, powering Nasdaq's 14% monthly rally despite widespread components shortages disrupting supply chains and margins. From 2023's rebalancing cutting Big Tech weight to 40%, through 2025 trillion-dollar valuation risks, 2026's 81,747 Q1 layoffs funding $725B splurges (+77% YoY), and mixed earnings splitting Alphabet (+12% weekly) from Meta (-9.8%), AI fundamentals overpower oil over $90, inflation above 3%, and 4.3% yields. Free cash flow strains persist until 2028 as supply hurdles emerge.