云资本开支总结_META 与微软 2026 年资本开支将延续强劲势头，同比增幅有望轻松超过 60%_ Cloud Capex Wrap-Up_ META and MSFT Continue to Highlight Robust Capex Trajectory Heading into 2026 with Increases Set to Comfortably Exceed +60% Y_Y

J P M O R G A N North America Equity Research 28 January 2026 Hardware & Networking Cloud Capex Wrap-Up: META and MSFT Continue to Highlight Robust Capex Trajectory Heading into 2026 with Increases Set to Comfortably Exceed +60% Y/Y Meta and Microsoft highlighted strong capex trends in the Dec-Q, with aggregate capex expanding by +10% quarter-over-quarter and +60% year-over-year to $60 bn. Importantly, the CSPs continue to highlight strong capex growth expectations for their respective fiscal years, with bo ...