Microsoft Cloud Momentum Fuels Sustained AI Capex at $725 Billion

On June 4, multiple market commentaries endorsed decade-long holds in Microsoft, Amazon and Alphabet, citing accelerating cloud revenue growth even as hyperscalers push total 2026 AI-related capex to $725 billion. The surge follows the June 1 disclosure that Meta, Alphabet, Amazon and Microsoft financed record spending through heavy bond issuance, with AI-related firms accounting for 49% of year-to-date investment-grade debt. Cloud platforms continue to deliver strong results, with Microsoft Azure rising 40% year-over-year alongside AWS (+28%) and Google Cloud (+63%), while utilities such as American Electric Power emerge as direct beneficiaries of data-center power demand.