云资本开支总结：2026 年将是又一个开支大年，超大规模企业合计资本开支预计达 6450 亿美元，增加 2300 亿美元-Cloud Capex Wrap-Up_ Another BIG Year of Spend in 2026 with Aggregate Hyperscaler Capex Tracking to $645 bn, Expanding +$230 bn

J P M O R G A N North America Equity Research 05 February 2026 Hardware & Networking Cloud Capex Wrap-Up: Another BIG Year of Spend in 2026 with Aggregate Hyperscaler Capex Tracking to $645 bn, Expanding +$230 bn AMZN followed GOOGL as well as META and MSFT in highlighting strong capex trends in the Dec-Q, with aggregate capex across the U.S. hyperscalers expanding by +12% quarter over quarter and +60% year over year to $127 bn. All four of the U.S. CSPs continue to highlight robust capex growth expectation ...