Morgan Stanley expects the five hyperscalers to spend $805 billion in 2026 and $1.1 trillion in 2027 — roughly equal to all non-tech S&P 500 capital expenditure combined. David Sacks notes AI accounted for 75% of first-quarter GDP growth.
And the fleet is far from saturated: xAI is reportedly using 11% of its 550,000 GPUs against 43-46% at Meta and Google.