Meta, Amazon, and Goolge Lead a $700 Billion Capex Wave: What Stocks Win Beyond NVIDIA?

Core Insights - Major tech companies including Meta, Amazon, and Google are leading a significant capital expenditure (CapEx) wave, with a total of approximately $700 billion allocated for AI infrastructure in 2026 [1] - Despite the massive spending, Nvidia's stock has only increased by 0.24% year-to-date, raising questions about market expectations for sustained GPU demand [1] - Other companies such as Broadcom, Micron, Lumentum, and Bloom Energy have seen substantial stock price increases, indicating strong performance in the AI supply chain [1] Capital Expenditure Breakdown - Hyperscalers like Amazon, Alphabet, Meta, and Microsoft are driving the largest technology infrastructure expansion in history, with Amazon planning $200 billion, Alphabet $185 billion, and Meta up to $135 billion [1] - Secondary spending is also coming from 'neoclouds' and projects like sovereign AI data centers, further contributing to the overall CapEx growth [1] Nvidia's Market Position - Nvidia has experienced explosive growth in its Data Center segment, yet its stock price remains flat, suggesting market skepticism regarding the translation of CapEx into long-term demand for GPUs [1] - The company is a significant position in investment portfolios, reflecting confidence in its future despite current stock performance [1] Other Beneficiaries of the CapEx Wave - Broadcom: The company is benefiting from custom chip demand, with a 41% stock increase over the past year, despite a 4% decline year-to-date [1] - Lumentum: This company has seen a remarkable 637% stock surge due to strong demand for optical components in data centers [1] - Micron Technology: The only US-based memory manufacturer has experienced a 353% stock increase driven by AI memory demand [1] - Bloom Energy: The company has seen a 492% stock increase, addressing power demands for AI data centers [1]