Tuesday, 10 November 2026
Silicon Analytica
Every AI story is a chip story.
Chart 29 · This quarter's big themes

The big four hyperscalers spent 42% of their revenue on capex in Q3 2026, up from 24% a year earlier

Q1 2024 – Q3 2026

Capex ÷ revenue, % per calendar quarterMicrosoftAlphabetAmazonMeta PlatformsAll four combined0%20%40%60%Q1 ’24Q3 ’24Q1 ’25Q3 ’25Q1 ’26Q3 ’26Microsoft, Q1 ’24: 17.7% ($11.0B of $61.9B) (Calculated)Microsoft, Q2 ’24: 21.4% ($13.9B of $64.7B) (Calculated)Microsoft, Q3 ’24: 22.8% ($14.9B of $65.6B) (Calculated)Microsoft, Q4 ’24: 22.7% ($15.8B of $69.6B) (Calculated)Microsoft, Q1 ’25: 23.9% ($16.7B of $70.1B) (Calculated)Microsoft, Q2 ’25: 22.3% ($17.1B of $76.4B) (Calculated)Microsoft, Q3 ’25: 25.0% ($19.4B of $77.7B) (Calculated)Microsoft, Q4 ’25: 36.8% ($29.9B of $81.3B) (Calculated)Microsoft, Q1 ’26: 37.3% ($30.9B of $82.9B) (Calculated)Microsoft, Q2 ’26: 39.8% ($35.8B of $90.0B) (Calculated)Microsoft, Q3 ’26: 42.7% ($39.4B of $92.3B) (Calculated)Alphabet, Q1 ’24: 14.9% ($12.0B of $80.5B) (Calculated)Alphabet, Q2 ’24: 15.6% ($13.2B of $84.7B) (Calculated)Alphabet, Q3 ’24: 14.8% ($13.1B of $88.3B) (Calculated)Alphabet, Q4 ’24: 14.8% ($14.3B of $96.5B) (Calculated)Alphabet, Q1 ’25: 19.1% ($17.2B of $90.2B) (Calculated)Alphabet, Q2 ’25: 23.3% ($22.4B of $96.4B) (Calculated)Alphabet, Q3 ’25: 23.4% ($24.0B of $102.3B) (Calculated)Alphabet, Q4 ’25: 24.5% ($27.9B of $113.8B) (Calculated)Alphabet, Q1 ’26: 32.5% ($35.7B of $109.9B) (Calculated)Alphabet, Q2 ’26: 37.5% ($44.9B of $119.8B) (Calculated)Alphabet, Q3 ’26: 40.3% ($51.4B of $127.6B) (Calculated)Amazon, Q1 ’24: 10.4% ($14.9B of $143.3B) (Calculated)Amazon, Q2 ’24: 11.9% ($17.6B of $148.0B) (Calculated)Amazon, Q3 ’24: 14.2% ($22.6B of $158.9B) (Calculated)Amazon, Q4 ’24: 14.8% ($27.8B of $187.8B) (Calculated)Amazon, Q1 ’25: 16.1% ($25.0B of $155.7B) (Calculated)Amazon, Q2 ’25: 19.2% ($32.2B of $167.7B) (Calculated)Amazon, Q3 ’25: 19.5% ($35.1B of $180.2B) (Calculated)Amazon, Q4 ’25: 18.5% ($39.5B of $213.4B) (Calculated)Amazon, Q1 ’26: 24.4% ($44.2B of $181.5B) (Calculated)Amazon, Q2 ’26: 27.0% ($54.2B of $200.6B) (Calculated)Amazon, Q3 ’26: 38.3% ($77.3B of $201.9B) (Calculated)Meta Platforms, Q1 ’24: 17.6% ($6.4B of $36.5B) (Calculated)Meta Platforms, Q2 ’24: 20.9% ($8.2B of $39.1B) (Calculated)Meta Platforms, Q3 ’24: 20.3% ($8.3B of $40.6B) (Calculated)Meta Platforms, Q4 ’24: 29.8% ($14.4B of $48.4B) (Calculated)Meta Platforms, Q1 ’25: 30.6% ($12.9B of $42.3B) (Calculated)Meta Platforms, Q2 ’25: 34.8% ($16.5B of $47.5B) (Calculated)Meta Platforms, Q3 ’25: 36.7% ($18.8B of $51.2B) (Calculated)Meta Platforms, Q4 ’25: 35.7% ($21.4B of $59.9B) (Calculated)Meta Platforms, Q1 ’26: 33.7% ($19.0B of $56.3B) (Calculated)Meta Platforms, Q2 ’26: 49.5% ($30.1B of $60.8B) (Calculated)Meta Platforms, Q3 ’26: 52.5% ($33.9B of $64.6B) (Calculated)All four combined, Q1 ’24: 13.7% (Calculated)All four combined, Q2 ’24: 15.7% (Calculated)All four combined, Q3 ’24: 16.7% (Calculated)All four combined, Q4 ’24: 18.0% (Calculated)All four combined, Q1 ’25: 20.1% (Calculated)All four combined, Q2 ’25: 22.7% (Calculated)All four combined, Q3 ’25: 23.6% (Calculated)All four combined, Q4 ’25: 25.3% (Calculated)All four combined, Q1 ’26: 30.1% (Calculated)All four combined, Q2 ’26: 35.0% (Calculated)All four combined, Q3 ’26: 41.5% (Calculated)52.5%42.7%41.5%40.3%38.3%Source: Microsoft, Alphabet, Amazon and Meta 10-Q/10-K filings (SEC XBRL) · Silicon Analytica calculationsSilicon Analyticasiliconanalytica.com/data/charts/hyperscaler-capex-intensity
  • Calculated capex intensity = purchases of property and equipment ÷ revenue for the same quarter; combined = total capex ÷ total revenue of the four.
  • Calculated Fourth-quarter figures are calculated as fiscal year minus the first three quarters where the company reports only annual totals. Microsoft’s fiscal quarters (ending June) are placed in calendar quarters.
View sources (51)
  • Amazon Form 10-Q · Cash flow statement: Purchases of property and equipment, three months ended 2025-09-30 (+2 more) · Q3 2025, Q3 2026 · published 30 Oct 2026
  • Alphabet Form 10-Q · Cash flow statement: Purchases of property and equipment, year-to-date (+1 more) · Q3 2025, Q3 2026 · published 29 Oct 2026
  • Microsoft Form 10-Q · Cash flow statement: Additions to property and equipment, three months ended 2025-09-30 (+2 more) · Q3 2025, Q3 2026 · published 28 Oct 2026
  • Meta Form 10-Q · Income statement: total revenue, three months ended 2026-09-30 · Q3 2026 · published 22 Oct 2026
  • Meta Platforms Form 10-Q · Cash flow statement: Purchases of property and equipment, net, year-to-date · Q3 2025, Q3 2026 · published 22 Oct 2026
  • Amazon Form 10-Q · Cash flow statement: Purchases of property and equipment, three months ended 2025-06-30 (+2 more) · Q2 2025, Q2 2026 · published 31 Jul 2026
  • Meta Form 10-Q · Income statement: total revenue, three months ended 2026-06-30 · Q2 2026 · published 30 Jul 2026
  • Meta Platforms Form 10-Q · Cash flow statement: Purchases of property and equipment, net, year-to-date · Q2 2025, Q2 2026 · published 30 Jul 2026
  • Microsoft Form 10-K · Cash flow statement: Additions to property and equipment, year-to-date (+1 more) · Q2 2024, Q2 2025, Q2 2026 · published 29 Jul 2026
  • Alphabet Form 10-Q · Cash flow statement: Purchases of property and equipment, year-to-date (+1 more) · Q2 2025, Q2 2026 · published 23 Jul 2026
  • Alphabet Form 10-Q · Cash flow statement: Purchases of property and equipment, three months ended 2025-03-31 (+2 more) · Q1 2025, Q1 2026 · published 30 Apr 2026
  • Amazon Form 10-Q · Cash flow statement: Purchases of property and equipment, three months ended 2025-03-31 (+2 more) · Q1 2025, Q1 2026 · published 30 Apr 2026
  • Meta Form 10-Q · Income statement: total revenue, three months ended 2026-03-31 · Q1 2026 · published 30 Apr 2026
  • Meta Platforms Form 10-Q · Cash flow statement: Purchases of property and equipment, net, three months ended 2025-03-31 (+1 more) · Q1 2025, Q1 2026 · published 30 Apr 2026
  • Microsoft Form 10-Q · Cash flow statement: Additions to property and equipment, three months ended 2025-03-31 (+2 more) · Q1 2025, Q1 2026 · published 29 Apr 2026
  • Amazon Form 10-K · Cash flow statement: Purchases of property and equipment, year-to-date (+1 more) · Q4 2024, Q4 2025 · published 6 Feb 2026
  • Alphabet Form 10-K · Cash flow statement: Purchases of property and equipment, year-to-date (+1 more) · Q4 2024, Q4 2025 · published 5 Feb 2026
  • Meta Form 10-K · Income statement: total revenue, year-to-date · Q4 2025 · published 29 Jan 2026
  • Meta Platforms Form 10-K · Cash flow statement: Purchases of property and equipment, net, year-to-date · Q4 2024, Q4 2025 · published 29 Jan 2026
  • Microsoft Form 10-Q · Cash flow statement: Additions to property and equipment, three months ended 2024-12-31 (+2 more) · Q4 2024, Q4 2025 · published 28 Jan 2026
  • Amazon Form 10-Q · Cash flow statement: Purchases of property and equipment, three months ended 2024-09-30 (+1 more) · Q3 2024, Q3 2025 · published 31 Oct 2025
  • Alphabet Form 10-Q · Cash flow statement: Purchases of property and equipment, year-to-date (+1 more) · Q3 2024, Q3 2025 · published 30 Oct 2025
  • Meta Form 10-Q · Income statement: total revenue, three months ended 2025-09-30 · Q3 2025 · published 30 Oct 2025
  • Meta Platforms Form 10-Q · Cash flow statement: Purchases of property and equipment, net, year-to-date · Q3 2024 · published 30 Oct 2025
  • Microsoft Form 10-Q · Cash flow statement: Additions to property and equipment, three months ended 2024-09-30 (+1 more) · Q3 2024, Q3 2025 · published 29 Oct 2025
  • Amazon Form 10-Q · Cash flow statement: Purchases of property and equipment, three months ended 2024-06-30 (+1 more) · Q2 2024, Q2 2025 · published 1 Aug 2025
  • Meta Form 10-Q · Income statement: total revenue, three months ended 2025-06-30 · Q2 2025 · published 31 Jul 2025
  • Meta Platforms Form 10-Q · Cash flow statement: Purchases of property and equipment, net, year-to-date · Q2 2024 · published 31 Jul 2025
  • Microsoft Form 10-K · Income statement: total revenue, year-to-date · Q2 2025 · published 30 Jul 2025
  • Alphabet Form 10-Q · Cash flow statement: Purchases of property and equipment, year-to-date (+1 more) · Q2 2024, Q2 2025 · published 24 Jul 2025
  • Amazon Form 10-Q · Cash flow statement: Purchases of property and equipment, three months ended 2024-03-31 (+1 more) · Q1 2024, Q1 2025 · published 2 May 2025
  • Meta Form 10-Q · Income statement: total revenue, three months ended 2025-03-31 · Q1 2025 · published 1 May 2025
  • Meta Platforms Form 10-Q · Cash flow statement: Purchases of property and equipment, net, three months ended 2024-03-31 · Q1 2024 · published 1 May 2025
  • Microsoft Form 10-Q · Cash flow statement: Additions to property and equipment, three months ended 2024-03-31 (+1 more) · Q1 2024, Q1 2025 · published 30 Apr 2025
  • Alphabet Form 10-Q · Cash flow statement: Purchases of property and equipment, three months ended 2024-03-31 (+1 more) · Q1 2024, Q1 2025 · published 25 Apr 2025
  • Amazon Form 10-K · Income statement: total revenue, year-to-date · Q4 2024 · published 7 Feb 2025
  • Alphabet Form 10-K · Income statement: total revenue, year-to-date · Q4 2024 · published 5 Feb 2025
  • Meta Form 10-K · Income statement: total revenue, year-to-date · Q4 2024 · published 30 Jan 2025
  • Microsoft Form 10-Q · Income statement: total revenue, three months ended 2024-12-31 · Q4 2024 · published 29 Jan 2025
  • Amazon Form 10-Q · Income statement: total revenue, three months ended 2024-09-30 · Q3 2024 · published 1 Nov 2024
  • Meta Form 10-Q · Income statement: total revenue, three months ended 2024-09-30 · Q3 2024 · published 31 Oct 2024
  • Alphabet Form 10-Q · Income statement: total revenue, three months ended 2024-09-30 · Q3 2024 · published 30 Oct 2024
  • Microsoft Form 10-Q · Income statement: total revenue, three months ended 2024-09-30 · Q3 2024 · published 30 Oct 2024
  • Amazon Form 10-Q · Income statement: total revenue, three months ended 2024-06-30 · Q2 2024 · published 2 Aug 2024
  • Meta Form 10-Q · Income statement: total revenue, three months ended 2024-06-30 · Q2 2024 · published 1 Aug 2024
  • Microsoft Form 10-K · Income statement: total revenue, year-to-date · Q2 2024 · published 30 Jul 2024
  • Alphabet Form 10-Q · Income statement: total revenue, three months ended 2024-06-30 · Q2 2024 · published 24 Jul 2024
  • Amazon Form 10-Q · Income statement: total revenue, three months ended 2024-03-31 · Q1 2024 · published 1 May 2024
  • Alphabet Form 10-Q · Income statement: total revenue, three months ended 2024-03-31 · Q1 2024 · published 26 Apr 2024
  • Meta Form 10-Q · Income statement: total revenue, three months ended 2024-03-31 · Q1 2024 · published 25 Apr 2024
  • Microsoft Form 10-Q · Income statement: total revenue, three months ended 2024-03-31 · Q1 2024 · published 25 Apr 2024

Meta Platforms had the highest capex intensity in Q3 2026: 52.5% of revenue ($33.9B of $64.6B).

Microsoft: 42.7%.

Alphabet: 40.3%.

Amazon: 38.3%.

Amazon’s capex includes its retail logistics network as well as AWS data centers; Amazon reports purchases of property and equipment, net of proceeds and incentives, which is the figure stored.

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