J P M O R G A N North America Equity Research 09 February 2026 Hardware & Networking Weekly Tech Talk: U.S. Hyperscaler Capex Trajectory Remains Robust, Backed by Strong Cash Flow; Cheat Sheet to Key Beneficiaries in Coverage Following the capex outlined by U.S. hyperscalers over the past couple of weeks, we wanted to provide a quick snapshot of suppliers within our coverage that are most closely aligned with the equipment-related capex outlined by each hyperscaler, particularly to help investors identify t ...