CapEx Growth vsAI/Cloud Revenue GrowthLatest reported quarters · annual trend
CapEx uses property, equipment, or productive-asset purchases reported in official SEC Forms 10-Q and 10-K. Because most companies do not disclose AI revenue separately, the dashboard uses official cloud, segment, or revenue measures linked to AI demand as proxies. Microsoft, Alphabet, Amazon and Meta cover quarters ended June 2026; Oracle covers August 2026. Totals combine each company’s latest quarter, not one calendar quarter. Revenue proxies differ in scope and do not represent aggregate AI revenue. The key question is not the absolute spending level, but how far AI infrastructure spending growth runs ahead of the disclosed cloud or AI-linked revenue proxy.
CapEx vs revenue growth by company
Annual CapEx uses official SEC cash-flow disclosures. Revenue measures use official cloud, segment, or product lines from each company’s latest Form 10-K. Because AI revenue is not separately disclosed, cloud and advertising measures are explicitly presented as proxies.
Microsoft
High cloud proxy; AI revenue not separately disclosed.
Alphabet
High cloud proxy; includes GCP AI infrastructure, Vertex AI, Gemini Enterprise and Workspace.
Amazon
High cloud proxy; AI revenue not separately disclosed inside AWS.
Meta Platforms
Low direct AI proxy; monetization is indirect through ranking, discovery, ads efficiency and engagement.
Oracle
Medium/broad proxy; 10-K stable annual line is broader than pure OCI/cloud revenue.
Microsoft
Azure and other cloud services revenue +43%; AI revenue is not separately disclosed.
Investment leads sharply · High for CapEx and cloud proxy; AI revenue is not separately disclosed.
Alphabet
Google Cloud includes GCP, Workspace and TPU product sales; AI revenue is not separately disclosed.
Investment leads · High for CapEx and Google Cloud revenue; AI revenue is not separately disclosed.
Amazon
AWS sales growth reflects customer usage, partially offset by pricing changes from long-term contracts.
Investment leads · High for CapEx and AWS sales; AI revenue is not separately disclosed.
Meta Platforms
Ad impressions +14%, average price per ad +12%; AI monetization is indirect through discovery and ads efficiency.
Investment leads sharply · High for CapEx and total revenue; Low as direct AI revenue proxy because Meta does not disclose AI revenue separately.
Oracle
OCI revenue $7.4B, up 121%; AI revenue is not separately disclosed.
Investment leads sharply · High for GAAP CapEx and reported cloud revenue; cloud revenue is an AI-demand proxy, not AI-only revenue.
| Company | Period | CapEx | AI/cloud proxy | Gap | Source |
|---|---|---|---|---|---|
| MSFT Microsoft |
FY2026 Q4 / 2026-06-30 | $35.8B +109.6% |
Microsoft Cloud revenue $59.3B +27.0% |
+82.6% 4.1x |
SEC |
| GOOGL Alphabet |
2026 Q2 / 2026-06-30 | $44.9B +100.1% |
Google Cloud revenue $24.8B +81.8% |
+18.3% 1.2x |
SEC |
| AMZN Amazon |
2026 Q2 / 2026-06-30 | $54.2B +68.4% |
AWS net sales $42.2B +37.0% |
+31.4% 1.8x |
SEC |
| META Meta Platforms |
2026 Q2 / 2026-06-30 | $30.1B +82.1% |
Total revenue / advertising proxy $60.8B +28.0% |
+54.1% 2.9x |
SEC |
| ORCL Oracle |
FY2027 Q1 / 2026-08-31 | $28.5B +235.2% |
Cloud revenue $11.6B +61.5% |
+173.7% 3.8x |
SEC |
Interpretation notes and official sources
- MSFT official results — Microsoft's official FY2026 Q4 results report Microsoft Cloud revenue of $59.3B, up 27%. Quarterly CapEx is calculated as FY2026 Form 10-K annual CapEx of $115.948B less nine-month CapEx of $80.146B.
- GOOGL official results — Alphabet's 2026 Q2 Form 10-Q reports Google Cloud revenue rising from $13.624B to $24.768B. Quarterly CapEx is calculated as the six-month total less the first-quarter amount.
- AMZN official results — Amazon's 2026 Q2 Form 10-Q reports AWS sales rising from $30.873B to $42.232B, up 37%, and quarterly productive-asset purchases of $54.208B.
- META official results — Meta's 2026 Q2 Form 10-Q reports total revenue rising from $47.516B to $60.801B, up 28%. Quarterly PPE purchases are calculated as the six-month total less the first-quarter amount.
- ORCL official results — Oracle FY2027 Q1: GAAP CapEx $28.499B versus $8.502B; cloud revenue $11.607B versus $7.186B. GAAP CapEx differs from net cash outlay of $17.966B after financing and customer-prepayment adjustments.