Isabel Juniewicz is a senior researcher at Epoch AI. She previously worked as a researcher at Open Philanthropy (now Coefficient Giving) and at Forethought. She has a masters degree in economics from UCLA and an undergraduate quadruple major in economics, mathematics, statistics and computer science.
Aggregate cash capex across Microsoft, Amazon, Alphabet, Meta, and Oracle is on track to overtake operating cash flow in Q3 2026. Epoch AI's breakdown of how hyperscalers are financing the AI buildout.
Investment spending on AI data centers, hardware, and networking together amounted to 1.4% of US GDP in Q1 2026, up from 0.7% — a rapid rise driven by AI infrastructure that has made the buildout a leading driver of growth in US private investment.
We estimate that between 290,000 and 1.6 million H100-equivalents (H100e) were smuggled to China through 2025. Our median estimate of 660,000 H100e would be roughly a third of China's total compute.
The combined capital expenditures at Alphabet, Amazon, Meta, Microsoft, and Oracle have been growing at an average of 72% per year, driven by investments in AI infrastructure, nearing half a trillion dollars in 2025. If this trend continues, they will spend $770 billion in 2026.