Big Tech's Meta, Amazon, and Google spent over $112B combined on capex in 2025. 💰

Capital Expenditures Overview - Capital expenditures reached $194 billion, driven by investments in servers, data centers, and network infrastructure [1] - Cash capex was $342 billion in Q3, with $899 billion spent year-to-date, primarily related to AWS investments [1] - Third quarter capex was $24 billion, with the vast majority invested in technical infrastructure [2] - Capital expenditures were $349 billion, driven by growing demand for cloud and AI offerings [3] Investment Allocation - Approximately 60% of technical infrastructure investment was in servers, and 40% in data centers and networking equipment [2] - Roughly half of the spend was on short-lived assets, primarily GPUs and CPUs [3] - The remaining spend was for long-lived assets supporting monetization for the next 15 years and beyond [3] Strategic Focus - The company will continue to make significant investments, especially in AI [2] - Investments support demand for AI and core services, custom silicon like tranium, and tech infrastructure [1] - Investments also support increasing Azure platform demand, growing first-party apps and AI solutions, and R&D [3]