Big Tech AI Capex Expansion Raises Investor Concerns as Apple Crosses $5 Trillion

테크주 | Wed Jul 29 2026 00:00:00 GMT+0000 (Coordinated Universal Time) | 6 sources

Investor caution spreads over hyperscaler capex expansion following Alphabet earnings, while Apple briefly touches $5 trillion market cap for the first time.

Analysis

[Alphabet] saw shares plunge after raising 2026 capex outlook ^[4]

Raised upper end of 2026 capex to $205 billion
Stock fell 7% the day after earnings
Amazon
Meta
and Microsoft also declined

[Microsoft] faces test on returns from $190 billion AI investment ^[1]^[4]^[5]

Annual capex and lease outlook of $190 billion
Includes $25 billion in memory component price increases
Shares down 18% YTD
worst among cloud names
Short interest at 10-year high

[Amazon] expected to further raise $200 billion capex guidance ^[4]

February guidance of $200 billion 2026 capex
Consensus rose to $207.4 billion
Expanding investments in AI
custom chips
and satellite internet

[Meta] expected to highlight smart glasses and cloud business ^[6]

74% odds of mentioning Ray-Ban Meta smart glasses
Entering cloud infrastructure business
61% odds of mentioning custom silicon chips
Louisiana Hyperion data center project

[Apple] briefly touched $5 trillion market cap for the first time ^[2]

Shares up 25% year-to-date
Overtook Nvidia as world's largest company by market cap
Restrained capex while leveraging Google cloud/AI
John Ternus takes over as CEO on September 1

[Apple Upgrade Program] launched $17.99/month iPhone leasing with Klarna partnership ^[2]^[3]

1-2 year lease with soft credit check
iPhone 17 Pro at $31.99/month (2 years)
Response to price hikes from rising memory component costs
Aims to shorten average 4-year iPhone replacement cycle

Big Tech AI Capex Expansion Raises Investor Concerns as Apple Crosses $5 Trillion

Analysis

Sources