No one understands just how big the AI capex boom is. Some perspective

The article highlights the scale of AI-driven capital expenditure, estimating $435–$475 billion in capex this year from major tech players — primarily Microsoft, Alphabet (Google) and Meta — and framing it as a material market force. The piece compares this spending to large public budgets and industry R&D/capex buckets and notes early signs in durable goods orders. Ahead of earnings, it flags key items to watch: Alphabet may revise a $175–$185B 2026 capex range (vs $91.4B in 2025) with options pricing ~5.6% move on earnings; Microsoft’s quarterly capex is estimated at $35.2B with commentary on multi-year spending trends; Meta guides 2026 capex to $115–$135B (up from $69.7B in 2025) with total expenses guided to $162–$169B. The article frames AI capex as a major market driver and a bullish structural tailwind for tech and related capital goods demand.