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The race to control generative AI, data centers, and infrastructure is expected to make Big Tech companies spend record amounts on AI in the course of 2026. Analysts estimate that the total capital expenditure (capex) the major companies will spend on AI-related projects will amount to hundreds of billions of dollars.

Key Players & Estimates:

• Microsoft & OpenAI — Huge amounts invested in Azure AI infrastructure.
• Google (Alphabet) - Intensive investment in Gemini and cloud AI.
• Meta — Violent AI push of Llama models and the metaverse.
• Amazon - AWS data center and AI services.
• Others (Apple, NVIDIA partners)—Not as important, although relatively smaller.

A big portion of the investment is in GPUs, data centers, energy, and talent acquisition. The main beneficiary is NVIDIA, who continues to enjoy massive paybacks.

The tech industry is being transformed due to this AI arms race, with fears of expenses, energy usage, and ROIs. The year 2026 is poised to be a crucial year of AI commercialization and infrastructure development. Monitor quarterly earnings to monitor actual expenditure.