Morgan Stanley already sees $805 billion in 2026 and $1.1 trillion in 2027, compared to previous estimates of $765 billion and $950 billion.

Goldman Sachs goes even further, saying that even this is conservative, projecting something close to $1.4 trillion.

To put this in perspective: spending went from $261 billion in 2024 to over $1.1 trillion in 2027. A CAGR of 69% at Google, 54% at Microsoft, and 116% at Oracle.

This has two sides. It's the largest corporate investment ever seen in AI infrastructure, and it supports the entire chip, energy, and data center supply chain.

But it's capital expenditure that still needs to turn into revenue, with depreciation arriving before the payback period.