AI Infrastructure·Line·5 Jun 2026
AI Capex Is Accelerating Faster Than Its Supply Chain
Hyperscaler capex, global semiconductor sales, and semiconductor equipment billings — indexed to 2023 = 100
Source Microsoft, Alphabet, Amazon, Meta (SEC EDGAR annual filings); Semiconductor Industry Association / WSTS (global annual sales); SEMI WWSEMS (equipment billings)
Method All three series indexed to 2023 = 100 to compare rates of change rather than absolute dollar size. Microsoft reported on June fiscal year; Alphabet, Amazon and Meta on calendar years. The 2024 semiconductor figure reflects the WSTS final revised total of $630.5bn.