Our open database of AI Chip sales, using financial reports, company disclosures, and more to estimate compute, power usage, and spending over time for a wide variety of AI chips.

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.

High-bandwidth memory (HBM) accounts for 63% of AI chip component costs, up from 52% in Q1 2024. Epoch AI's breakdown of component cost shifts across major chip designers.

A typical one-gigawatt AI data center requires $38 billion in up-front capital expenditure (CapEx) and $0.9 billion in annual operating expenses (OpEx).

Anthropic and OpenAI generate roughly $14M and $6.5M in revenue per employee — higher than any other tech company in the Forbes Global 2000. Continued rapid growth in this metric at tens of billions in annualized revenue is unusual, and could reflect productivity gains from AI adoption.

A prolonged Hormuz crisis probably won't derail the compute buildout, but it could slow data center expansion and disrupt Gulf investment flows into AI.

New evidence following the MiniMax and Z.ai IPOs

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.

Anthropic's annualized revenue has been growing at 10× per year since reaching $1B, outpacing OpenAI's growth of 3.4× per year. Anthropic will pass OpenAI by mid-2026 if these trends continue. However, Anthropic's growth may be slowing—since July 2025 it has only grown at a rate of 7× per year.