AI infrastructure capex has crossed from strategic investment into arms race. Amazon's FY 2025 10-K records $128.3 billion in capital expenditures — up 65% in a single year. Alphabet spent $91.4 billion, up 74%. Meta committed $115-135 billion for 2026 before a dollar has been spent. Reading all five filings together reveals three structural patterns investors are still underestimating: the spending is accelerating, not plateauing; Microsoft's reported margins already show the cost compression that peers only discuss in the future tense; and NVIDIA's own 10-K names the same data centers and power grids that hyperscalers are racing to build as the binding constraint on its revenue growth — completing a self-reinforcing cycle that no single filing captures alone.
The $650B AI capex headline is real — three of four hyperscalers filed specific guidance with the SEC. But the filings reveal what the headlines miss: Meta's actual infrastructure commitment is ~$250B (not $125B), three of four face negative free cash flow at guided levels, and none disclosed ROI timelines for the largest corporate infrastructure bet in history.
Learn how to monitor $370B in AI infrastructure spending quarterly with a 3-metric framework. Track capex/revenue trends, depreciation manipulation signals, and growth alignment across Google, Microsoft, Amazon & Meta. Updated December 2025 with Meta's $600B commitment and Michael Burry's depreciation thesis.
Michael Burry warns Big Tech will understate depreciation by $176B through 2028. Amazon is taking a contrarian approach—shortening useful lives and accepting a $700M profit hit while peers extend to boost earnings. Learn how to screen for earnings quality using the capex/depreciation ratio.
The Magnificent 7 make up 35% of the S&P 500. But comparing them all using P/E ratios is methodologically flawed—they span 5 distinct business models. Our sector-adjusted scorecard reveals GOOGL as best value (17.4x P/E), TSLA as most overvalued (85% optionality premium), and which stocks actually EARN their premiums.