{ "metadata": { "name": "DailyAI AI capex tracker", "version": "2026-10-31", "dateModified": "2026-10-31T09:57:00+01:00", "license": "https://creativecommons.org/licenses/by/4.0/", "citation": "DailyAI, \"AI Capex Tracker\", https://dailyai.com/ai-capex-tracker/, version 2026-10-31.", "units": "US$ millions unless stated", "fx_method": "USD = local / Fed H.10 quarterly average of daily rates (FRED DEXCHUS for CNY); debt at quarter-end rate. TSMC: its own reported average USD/NTD rate; debt at FRED DEXTAUS quarter-end. Others report in USD.", "calendar_mapping": "Each fiscal quarter mapped to the calendar quarter containing its midpoint.", "fcf_definition": "Operating cash flow minus capex as shown (our consistent definition; company FCF definitions differ).", "ai_share_note": "ai_share_low_pct / high_pct are DailyAI estimates with method notes; no company discloses an AI-only capex figure." }, "quarterly": [ { "ticker": "MSFT", "company": "Microsoft", "sector": "Hyperscalers", "calendar_quarter": "2023-Q1", "fiscal_period": "FY2023 Q3", "period_start": "2023-01-01", "period_end": "2023-03-31", "currency": "USD", "fx_avg": 1, "fx_end": 1, "capex_local_m": 6607.0, "capex_usd_m": 6607.0, "revenue_usd_m": 52857.0, "ocf_usd_m": 24441.0, "fcf_usd_m": 17834.0, "total_debt_usd_m": 48210.0, "capex_to_revenue": 0.125, "capex_to_ocf": 0.2703, "capex_basis": "Purchases of property and equipment, cash flow statement (SEC XBRL us-gaap:PaymentsToAcquirePropertyPlantAndEquipment)", "debt_basis": "Borrowings, notes and commercial paper, excl. leases (XBRL: LongTermDebt)", "status": "reported", "source_url": "https://www.sec.gov/Archives/edgar/data/789019/000095017024048288/0000950170-24-048288-index.htm", "source_date": "2024-04-25", "note": "", "ai_share_low_pct": "55", "ai_share_high_pct": "75" }, { "ticker": "MSFT", "company": "Microsoft", "sector": "Hyperscalers", "calendar_quarter": "2023-Q2", "fiscal_period": "FY2023 Q4", "period_start": "2023-04-01", "period_end": "2023-06-30", "currency": "USD", "fx_avg": 1, "fx_end": 1, "capex_local_m": 8943.0, "capex_usd_m": 8943.0, "revenue_usd_m": 56189.0, "ocf_usd_m": 28770.0, "fcf_usd_m": 19827.0, "total_debt_usd_m": 47237.0, "capex_to_revenue": 0.1592, "capex_to_ocf": 0.3108, "capex_basis": "Purchases of property and equipment, cash flow statement (SEC XBRL us-gaap:PaymentsToAcquirePropertyPlantAndEquipment)", "debt_basis": "Borrowings, notes and commercial paper, excl. leases (XBRL: LongTermDebt+CommercialPaper)", "status": "derived", "source_url": "https://www.sec.gov/Archives/edgar/data/789019/000095017025100235/0000950170-25-100235-index.htm", "source_date": "2025-07-30", "note": "2022-07-01..2023-06-30 minus 2022-07-01..2023-03-31 (acc 0000950170-24-048288)", "ai_share_low_pct": "55", "ai_share_high_pct": "75" }, { "ticker": "MSFT", "company": "Microsoft", "sector": "Hyperscalers", "calendar_quarter": "2023-Q3", "fiscal_period": "FY2024 Q1", "period_start": "2023-07-01", "period_end": "2023-09-30", "currency": "USD", "fx_avg": 1, "fx_end": 1, "capex_local_m": 9917.0, "capex_usd_m": 9917.0, "revenue_usd_m": 56517.0, "ocf_usd_m": 30583.0, "fcf_usd_m": 20666.0, "total_debt_usd_m": 71502.0, "capex_to_revenue": 0.1755, "capex_to_ocf": 0.3243, "capex_basis": "Purchases of property and equipment, cash flow statement (SEC XBRL us-gaap:PaymentsToAcquirePropertyPlantAndEquipment)", "debt_basis": "Borrowings, notes and commercial paper, excl. leases (XBRL: LongTermDebt+CommercialPaper)", "status": "reported", "source_url": "https://www.sec.gov/Archives/edgar/data/789019/000095017024118967/0000950170-24-118967-index.htm", "source_date": "2024-10-30", "note": "", "ai_share_low_pct": "55", "ai_share_high_pct": "75" }, { "ticker": "MSFT", "company": "Microsoft", "sector": "Hyperscalers", "calendar_quarter": "2023-Q4", "fiscal_period": "FY2024 Q2", "period_start": "2023-10-01", "period_end": "2023-12-31", "currency": "USD", "fx_avg": 1, "fx_end": 1, "capex_local_m": 9735.0, "capex_usd_m": 9735.0, "revenue_usd_m": 62020.0, "ocf_usd_m": 18853.0, "fcf_usd_m": 9118.0, "total_debt_usd_m": 74219.0, "capex_to_revenue": 0.157, "capex_to_ocf": 0.5164, "capex_basis": "Purchases of property and equipment, cash flow statement (SEC XBRL us-gaap:PaymentsToAcquirePropertyPlantAndEquipment)", "debt_basis": "Borrowings, notes and commercial paper, excl. leases (XBRL: LongTermDebt+CommercialPaper)", "status": "reported", "source_url": "https://www.sec.gov/Archives/edgar/data/789019/000095017025010491/0000950170-25-010491-index.htm", "source_date": "2025-01-29", "note": "", "ai_share_low_pct": "55", "ai_share_high_pct": "75" }, { "ticker": "MSFT", "company": "Microsoft", "sector": "Hyperscalers", "calendar_quarter": "2024-Q1", "fiscal_period": "FY2024 Q3", "period_start": "2024-01-01", "period_end": "2024-03-31", "currency": "USD", "fx_avg": 1, "fx_end": 1, "capex_local_m": 10952.0, "capex_usd_m": 10952.0, "revenue_usd_m": 61858.0, "ocf_usd_m": 31917.0, "fcf_usd_m": 20965.0, "total_debt_usd_m": 65442.0, "capex_to_revenue": 0.1771, "capex_to_ocf": 0.3431, "capex_basis": "Purchases of property and equipment, cash flow statement (SEC XBRL us-gaap:PaymentsToAcquirePropertyPlantAndEquipment)", "debt_basis": "Borrowings, notes and commercial paper, excl. leases (XBRL: LongTermDebt+CommercialPaper)", "status": "reported", "source_url": "https://www.sec.gov/Archives/edgar/data/789019/000095017025061046/0000950170-25-061046-index.htm", "source_date": "2025-04-30", "note": "", "ai_share_low_pct": "55", "ai_share_high_pct": "75" }, { "ticker": "MSFT", "company": "Microsoft", "sector": "Hyperscalers", "calendar_quarter": "2024-Q2", "fiscal_period": "FY2024 Q4", "period_start": "2024-04-01", "period_end": "2024-06-30", "currency": "USD", "fx_avg": 1, "fx_end": 1, "capex_local_m": 13873.0, "capex_usd_m": 13873.0, "revenue_usd_m": 64727.0, "ocf_usd_m": 37195.0, "fcf_usd_m": 23322.0, "total_debt_usd_m": 51630.0, "capex_to_revenue": 0.2143, "capex_to_ocf": 0.373, "capex_basis": "Purchases of property and equipment, cash flow statement (SEC XBRL us-gaap:PaymentsToAcquirePropertyPlantAndEquipment)", "debt_basis": "Borrowings, notes and commercial paper, excl. leases (XBRL: LongTermDebt+CommercialPaper)", "status": "derived", "source_url": "https://www.sec.gov/Archives/edgar/data/789019/000119312526323660/0001193125-26-323660-index.htm", "source_date": "2026-07-29", "note": "2023-07-01..2024-06-30 minus 2023-07-01..2024-03-31 (acc 0000950170-25-061046)", "ai_share_low_pct": "55", "ai_share_high_pct": "75" }, { "ticker": "MSFT", "company": "Microsoft", "sector": "Hyperscalers", "calendar_quarter": "2024-Q3", "fiscal_period": "FY2025 Q1", "period_start": "2024-07-01", "period_end": "2024-09-30", "currency": "USD", "fx_avg": 1, "fx_end": 1, "capex_local_m": 14923.0, "capex_usd_m": 14923.0, "revenue_usd_m": 65585.0, "ocf_usd_m": 34180.0, "fcf_usd_m": 19257.0, "total_debt_usd_m": 45117.0, "capex_to_revenue": 0.2275, "capex_to_ocf": 0.4366, "capex_basis": "Purchases of property and equipment, cash flow statement (SEC XBRL us-gaap:PaymentsToAcquirePropertyPlantAndEquipment)", "debt_basis": "Borrowings, notes and commercial paper, excl. leases (XBRL: LongTermDebt+CommercialPaper)", "status": "reported", "source_url": "https://www.sec.gov/Archives/edgar/data/789019/000119312525256321/0001193125-25-256321-index.htm", "source_date": "2025-10-29", "note": "", "ai_share_low_pct": "55", "ai_share_high_pct": "75" }, { "ticker": "MSFT", "company": "Microsoft", "sector": "Hyperscalers", "calendar_quarter": "2024-Q4", "fiscal_period": "FY2025 Q2", "period_start": "2024-10-01", "period_end": "2024-12-31", "currency": "USD", "fx_avg": 1, "fx_end": 1, "capex_local_m": 15804.0, "capex_usd_m": 15804.0, "revenue_usd_m": 69632.0, "ocf_usd_m": 22291.0, "fcf_usd_m": 6487.0, "total_debt_usd_m": 44970.0, "capex_to_revenue": 0.227, "capex_to_ocf": 0.709, "capex_basis": "Purchases of property and equipment, cash flow statement (SEC XBRL us-gaap:PaymentsToAcquirePropertyPlantAndEquipment)", "debt_basis": "Borrowings, notes and commercial paper, excl. leases (XBRL: LongTermDebt+CommercialPaper)", "status": "reported", "source_url": "https://www.sec.gov/Archives/edgar/data/789019/000119312526027207/0001193125-26-027207-index.htm", "source_date": "2026-01-28", "note": "", "ai_share_low_pct": "55", "ai_share_high_pct": "75" }, { "ticker": "MSFT", "company": "Microsoft", "sector": "Hyperscalers", "calendar_quarter": "2025-Q1", "fiscal_period": "FY2025 Q3", "period_start": "2025-01-01", "period_end": "2025-03-31", "currency": "USD", "fx_avg": 1, "fx_end": 1, "capex_local_m": 16745.0, "capex_usd_m": 16745.0, "revenue_usd_m": 70066.0, "ocf_usd_m": 37044.0, "fcf_usd_m": 20299.0, "total_debt_usd_m": 42881.0, "capex_to_revenue": 0.239, "capex_to_ocf": 0.452, "capex_basis": "Purchases of property and equipment, cash flow statement (SEC XBRL us-gaap:PaymentsToAcquirePropertyPlantAndEquipment)", "debt_basis": "Borrowings, notes and commercial paper, excl. leases (XBRL: LongTermDebt+CommercialPaper)", "status": "reported", "source_url": "https://www.sec.gov/Archives/edgar/data/789019/000119312526191507/0001193125-26-191507-index.htm", "source_date": "2026-04-29", "note": "", "ai_share_low_pct": "55", "ai_share_high_pct": "75" }, { "ticker": "MSFT", "company": "Microsoft", "sector": "Hyperscalers", "calendar_quarter": "2025-Q2", "fiscal_period": "FY2025 Q4", "period_start": "2025-04-01", "period_end": "2025-06-30", "currency": "USD", "fx_avg": 1, "fx_end": 1, "capex_local_m": 17079.0, "capex_usd_m": 17079.0, "revenue_usd_m": 76441.0, "ocf_usd_m": 42647.0, "fcf_usd_m": 25568.0, "total_debt_usd_m": 43151.0, "capex_to_revenue": 0.2234, "capex_to_ocf": 0.4005, "capex_basis": "Purchases of property and equipment, cash flow statement (SEC XBRL us-gaap:PaymentsToAcquirePropertyPlantAndEquipment)", "debt_basis": "Borrowings, notes and commercial paper, excl. leases (XBRL: LongTermDebt+CommercialPaper)", "status": "derived", "source_url": "https://www.sec.gov/Archives/edgar/data/789019/000119312526323660/0001193125-26-323660-index.htm", "source_date": "2026-07-29", "note": "2024-07-01..2025-06-30 minus 2024-07-01..2025-03-31 (acc 0001193125-26-191507)", "ai_share_low_pct": "55", "ai_share_high_pct": "75" }, { "ticker": "MSFT", "company": "Microsoft", "sector": "Hyperscalers", "calendar_quarter": "2025-Q3", "fiscal_period": "FY2026 Q1", "period_start": "2025-07-01", "period_end": "2025-09-30", "currency": "USD", "fx_avg": 1, "fx_end": 1, "capex_local_m": 19394.0, "capex_usd_m": 19394.0, "revenue_usd_m": 77673.0, "ocf_usd_m": 45057.0, "fcf_usd_m": 25663.0, "total_debt_usd_m": 43208.0, "capex_to_revenue": 0.2497, "capex_to_ocf": 0.4304, "capex_basis": "Purchases of property and equipment, cash flow statement (SEC XBRL us-gaap:PaymentsToAcquirePropertyPlantAndEquipment)", "debt_basis": "Borrowings, notes and commercial paper, excl. leases (XBRL: LongTermDebt)", "status": "reported", "source_url": "https://www.sec.gov/Archives/edgar/data/789019/000119312526436133/0001193125-26-436133-index.htm", "source_date": "2026-10-28", "note": "", "ai_share_low_pct": "55", "ai_share_high_pct": "75" }, { "ticker": "MSFT", "company": "Microsoft", "sector": "Hyperscalers", "calendar_quarter": "2025-Q4", "fiscal_period": "FY2026 Q2", "period_start": "2025-10-01", "period_end": "2025-12-31", "currency": "USD", "fx_avg": 1, "fx_end": 1, "capex_local_m": 29876.0, "capex_usd_m": 29876.0, "revenue_usd_m": 81273.0, "ocf_usd_m": 35758.0, "fcf_usd_m": 5882.0, "total_debt_usd_m": 40262.0, "capex_to_revenue": 0.3676, "capex_to_ocf": 0.8355, "capex_basis": "Purchases of property and equipment, cash flow statement (SEC XBRL us-gaap:PaymentsToAcquirePropertyPlantAndEquipment)", "debt_basis": "Borrowings, notes and commercial paper, excl. leases (XBRL: LongTermDebt)", "status": "reported", "source_url": "https://www.sec.gov/Archives/edgar/data/789019/000119312526027207/0001193125-26-027207-index.htm", "source_date": "2026-01-28", "note": "", "ai_share_low_pct": "55", "ai_share_high_pct": "75" }, { "ticker": "MSFT", "company": "Microsoft", "sector": "Hyperscalers", "calendar_quarter": "2026-Q1", "fiscal_period": "FY2026 Q3", "period_start": "2026-01-01", "period_end": "2026-03-31", "currency": "USD", "fx_avg": 1, "fx_end": 1, "capex_local_m": 30876.0, "capex_usd_m": 30876.0, "revenue_usd_m": 82886.0, "ocf_usd_m": 46679.0, "fcf_usd_m": 15803.0, "total_debt_usd_m": 40262.0, "capex_to_revenue": 0.3725, "capex_to_ocf": 0.6615, "capex_basis": "Purchases of property and equipment, cash flow statement (SEC XBRL us-gaap:PaymentsToAcquirePropertyPlantAndEquipment)", "debt_basis": "Borrowings, notes and commercial paper, excl. leases (XBRL: LongTermDebt)", "status": "reported", "source_url": "https://www.sec.gov/Archives/edgar/data/789019/000119312526191507/0001193125-26-191507-index.htm", "source_date": "2026-04-29", "note": "", "ai_share_low_pct": "55", "ai_share_high_pct": "75" }, { "ticker": "MSFT", "company": "Microsoft", "sector": "Hyperscalers", "calendar_quarter": "2026-Q2", "fiscal_period": "FY2026 Q4", "period_start": "2026-04-01", "period_end": "2026-06-30", "currency": "USD", "fx_avg": 1, "fx_end": 1, "capex_local_m": 35802.0, "capex_usd_m": 35802.0, "revenue_usd_m": 90007.0, "ocf_usd_m": 55441.0, "fcf_usd_m": 19639.0, "total_debt_usd_m": 40294.0, "capex_to_revenue": 0.3978, "capex_to_ocf": 0.6458, "capex_basis": "Purchases of property and equipment, cash flow statement (SEC XBRL us-gaap:PaymentsToAcquirePropertyPlantAndEquipment)", "debt_basis": "Borrowings, notes and commercial paper, excl. leases (XBRL: LongTermDebt)", "status": "derived", "source_url": "https://www.sec.gov/Archives/edgar/data/789019/000119312526323660/0001193125-26-323660-index.htm", "source_date": "2026-07-29", "note": "2025-07-01..2026-06-30 minus 2025-07-01..2026-03-31 (acc 0001193125-26-191507)", "ai_share_low_pct": "55", "ai_share_high_pct": "75" }, { "ticker": "MSFT", "company": "Microsoft", "sector": "Hyperscalers", "calendar_quarter": "2026-Q3", "fiscal_period": "FY2027 Q1", "period_start": "2026-07-01", "period_end": "2026-09-30", "currency": "USD", "fx_avg": 1, "fx_end": 1, "capex_local_m": 39367.0, "capex_usd_m": 39367.0, "revenue_usd_m": 92279.0, "ocf_usd_m": 58000.0, "fcf_usd_m": 18633.0, "total_debt_usd_m": 35481.0, "capex_to_revenue": 0.4266, "capex_to_ocf": 0.6787, "capex_basis": "Purchases of property and equipment, cash flow statement (SEC XBRL us-gaap:PaymentsToAcquirePropertyPlantAndEquipment)", "debt_basis": "Borrowings, notes and commercial paper, excl. leases (XBRL: LongTermDebt)", "status": "reported", "source_url": "https://www.sec.gov/Archives/edgar/data/789019/000119312526436133/0001193125-26-436133-index.htm", "source_date": "2026-10-28", "note": "", "ai_share_low_pct": "55", "ai_share_high_pct": "75" }, { "ticker": "GOOGL", "company": "Alphabet", "sector": "Hyperscalers", "calendar_quarter": "2023-Q1", "fiscal_period": "FY2023 Q1", 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"https://www.sec.gov/Archives/edgar/data/1341439/000119312525315925/0001193125-25-315925-index.htm", "source_date": "2025-12-11", "note": "2025-06-01..2025-11-30 minus 2025-06-01..2025-08-31 (acc 0001193125-26-389274)", "ai_share_low_pct": "60", "ai_share_high_pct": "90" }, { "ticker": "ORCL", "company": "Oracle", "sector": "Hyperscalers", "calendar_quarter": "2026-Q1", "fiscal_period": "FY2026 Q3", "period_start": "2025-12-01", "period_end": "2026-02-28", "currency": "USD", "fx_avg": 1, "fx_end": 1, "capex_local_m": 18635.0, "capex_usd_m": 18635.0, "revenue_usd_m": 17190.0, "ocf_usd_m": 7151.0, "fcf_usd_m": -11484.0, "total_debt_usd_m": 134605.0, "capex_to_revenue": 1.0841, "capex_to_ocf": 2.6059, "capex_basis": "Purchases of property and equipment, cash flow statement (SEC XBRL us-gaap:PaymentsToAcquirePropertyPlantAndEquipment)", "debt_basis": "Borrowings, notes and commercial paper, excl. leases (XBRL: LongTermNotesAndLoans+NotesPayableCurrent)", "status": "derived", "source_url": "https://www.sec.gov/Archives/edgar/data/1341439/000119312526101045/0001193125-26-101045-index.htm", "source_date": "2026-03-11", "note": "2025-06-01..2026-02-28 minus 2025-06-01..2025-11-30 (acc 0001193125-25-315925)", "ai_share_low_pct": "60", "ai_share_high_pct": "90" }, { "ticker": "ORCL", "company": "Oracle", "sector": "Hyperscalers", "calendar_quarter": "2026-Q2", "fiscal_period": "FY2026 Q4", "period_start": "2026-03-01", "period_end": "2026-05-31", "currency": "USD", "fx_avg": 1, "fx_end": 1, "capex_local_m": 16493.0, "capex_usd_m": 16493.0, "revenue_usd_m": 19184.0, "ocf_usd_m": 14620.0, "fcf_usd_m": -1873.0, "total_debt_usd_m": 129541.0, "capex_to_revenue": 0.8597, "capex_to_ocf": 1.1281, "capex_basis": "Purchases of property and equipment, cash flow statement (SEC XBRL us-gaap:PaymentsToAcquirePropertyPlantAndEquipment)", "debt_basis": "Borrowings, notes and commercial paper, excl. leases (XBRL: LongTermNotesAndLoans+NotesPayableCurrent)", "status": "derived", "source_url": "https://www.sec.gov/Archives/edgar/data/1341439/000119312526277521/0001193125-26-277521-index.htm", "source_date": "2026-06-22", "note": "2025-06-01..2026-05-31 minus 2025-06-01..2026-02-28 (acc 0001193125-26-101045)", "ai_share_low_pct": "60", "ai_share_high_pct": "90" }, { "ticker": "ORCL", "company": "Oracle", "sector": "Hyperscalers", "calendar_quarter": "2026-Q3", "fiscal_period": "FY2027 Q1", "period_start": "2026-06-01", "period_end": "2026-08-31", "currency": "USD", "fx_avg": 1, "fx_end": 1, "capex_local_m": 28499.0, "capex_usd_m": 28499.0, "revenue_usd_m": 19345.0, "ocf_usd_m": 23103.0, "fcf_usd_m": -5396.0, "total_debt_usd_m": 125337.0, "capex_to_revenue": 1.4732, "capex_to_ocf": 1.2336, "capex_basis": "Purchases of property and equipment, cash flow statement (SEC XBRL us-gaap:PaymentsToAcquirePropertyPlantAndEquipment)", "debt_basis": "Borrowings, notes and commercial paper, excl. leases (XBRL: LongTermNotesAndLoans+NotesPayableCurrent)", "status": "reported", "source_url": "https://www.sec.gov/Archives/edgar/data/1341439/000119312526389274/0001193125-26-389274-index.htm", "source_date": "2026-09-11", "note": "", "ai_share_low_pct": "60", "ai_share_high_pct": "90" }, { "ticker": "BABA", "company": "Alibaba", "sector": "Chinese tech", "calendar_quarter": "2023-Q1", "fiscal_period": "FY2023 Q4", "period_start": "2023-01-01", "period_end": "2023-03-31", "currency": "CNY", "fx_avg": 6.8423, "fx_end": 6.8676, "capex_local_m": 2513.0, "capex_usd_m": 367.3, "revenue_usd_m": 30428.4, "ocf_usd_m": 4589.2, "fcf_usd_m": 4222.0, "total_debt_usd_m": 22796.0, "capex_to_revenue": 0.0121, "capex_to_ocf": 0.08, "capex_basis": "Purchase of property and equipment (excl. land use rights and office-campus construction in progress), Alibaba's free-cash-flow reconciliation", "debt_basis": "Bank borrowings + unsecured senior notes + convertible senior notes + exchangeable bonds, current and non-current, excl. leases (balance sheet, results announcement)", "status": "reported (comparative column)", "source_url": "https://www.sec.gov/Archives/edgar/data/1577552/000110465924061145/tm2414429d1_ex99-1.htm", "source_date": "2024-05-14", "note": "prior-year comparative column; debt = bank borrowings + unsecured senior notes + convertible senior notes + exchangeable bonds, current and non-current, from the balance sheet in https://www.sec.gov/Archives/edgar/data/1577552/000110465923062243/tm2316208d1_ex99-1.htm", "ai_share_low_pct": "70", "ai_share_high_pct": "90" }, { "ticker": "BABA", "company": "Alibaba", "sector": "Chinese tech", "calendar_quarter": "2023-Q2", "fiscal_period": "FY2024 Q1", "period_start": "2023-04-01", "period_end": "2023-06-30", "currency": "CNY", "fx_avg": 7.013, "fx_end": 7.2513, "capex_local_m": 6007.0, "capex_usd_m": 856.6, "revenue_usd_m": 33388.8, "ocf_usd_m": 6460.3, "fcf_usd_m": 5603.7, "total_debt_usd_m": 22829.4, "capex_to_revenue": 0.0257, "capex_to_ocf": 0.1326, "capex_basis": "Purchase of property and equipment (excl. land use rights and office-campus construction in progress), Alibaba's free-cash-flow reconciliation", "debt_basis": "Bank borrowings + unsecured senior notes + convertible senior notes + exchangeable bonds, current and non-current, excl. leases (balance sheet, results announcement)", "status": "reported", "source_url": "https://www.sec.gov/Archives/edgar/data/1577552/000110465923089768/tm2323406d1_ex99-1.htm", "source_date": "2023-08-10", "note": "current-quarter column; debt = bank borrowings + unsecured senior notes + convertible senior notes + exchangeable bonds, current and non-current, from the balance sheet in https://www.sec.gov/Archives/edgar/data/1577552/000110465923089768/tm2323406d1_ex99-1.htm", "ai_share_low_pct": "70", "ai_share_high_pct": "90" }, { "ticker": "BABA", "company": "Alibaba", "sector": "Chinese tech", "calendar_quarter": "2023-Q3", "fiscal_period": "FY2024 Q2", "period_start": "2023-07-01", "period_end": "2023-09-30", "currency": "CNY", "fx_avg": 7.2445, "fx_end": 7.296, "capex_local_m": 4112.0, "capex_usd_m": 567.6, "revenue_usd_m": 31029.1, "ocf_usd_m": 6795.6, "fcf_usd_m": 6228.0, "total_debt_usd_m": 22854.2, "capex_to_revenue": 0.0183, "capex_to_ocf": 0.0835, "capex_basis": "Purchase of property and equipment (excl. land use rights and office-campus construction in progress), Alibaba's free-cash-flow reconciliation", "debt_basis": "Bank borrowings + unsecured senior notes + convertible senior notes + exchangeable bonds, current and non-current, excl. leases (balance sheet, results announcement)", "status": "reported", "source_url": "https://www.sec.gov/Archives/edgar/data/1577552/000110465923119081/tm2330915d1_ex99-1.htm", "source_date": "2023-11-16", "note": "current-quarter column; debt = bank borrowings + unsecured senior notes + convertible senior notes + exchangeable bonds, current and non-current, from the balance sheet in https://www.sec.gov/Archives/edgar/data/1577552/000110465923119081/tm2330915d1_ex99-1.htm", "ai_share_low_pct": "70", "ai_share_high_pct": "90" }, { "ticker": "BABA", "company": "Alibaba", "sector": "Chinese tech", "calendar_quarter": "2023-Q4", "fiscal_period": "FY2024 Q3", "period_start": "2023-10-01", "period_end": "2023-12-31", "currency": "CNY", "fx_avg": 7.2247, "fx_end": 7.0999, "capex_local_m": 7286.0, "capex_usd_m": 1008.5, "revenue_usd_m": 36035.8, "ocf_usd_m": 8957.6, "fcf_usd_m": 7949.1, "total_debt_usd_m": 23370.2, "capex_to_revenue": 0.028, "capex_to_ocf": 0.1126, "capex_basis": "Purchase of property and equipment (excl. land use rights and office-campus construction in progress), Alibaba's free-cash-flow reconciliation", "debt_basis": "Bank borrowings + unsecured senior notes + convertible senior notes + exchangeable bonds, current and non-current, excl. leases (balance sheet, results announcement)", "status": "reported", "source_url": "https://www.sec.gov/Archives/edgar/data/1577552/000110465924011604/tm245446d1_ex99-1.htm", "source_date": "2024-02-07", "note": "current-quarter column; debt = bank borrowings + unsecured senior notes + convertible senior notes + exchangeable bonds, current and non-current, from the balance sheet in https://www.sec.gov/Archives/edgar/data/1577552/000110465924011604/tm245446d1_ex99-1.htm", "ai_share_low_pct": "70", "ai_share_high_pct": "90" }, { "ticker": "BABA", "company": "Alibaba", "sector": "Chinese tech", "calendar_quarter": "2024-Q1", "fiscal_period": "FY2024 Q4", "period_start": "2024-01-01", "period_end": "2024-03-31", "currency": "CNY", "fx_avg": 7.1885, "fx_end": 7.2203, "capex_local_m": 10174.0, "capex_usd_m": 1415.3, "revenue_usd_m": 30865.1, "ocf_usd_m": 3246.9, "fcf_usd_m": 1831.5, "total_debt_usd_m": 23652.2, "capex_to_revenue": 0.0459, "capex_to_ocf": 0.4359, "capex_basis": "Purchase of property and equipment (excl. land use rights and office-campus construction in progress), Alibaba's free-cash-flow reconciliation", "debt_basis": "Bank borrowings + unsecured senior notes + convertible senior notes + exchangeable bonds, current and non-current, excl. leases (balance sheet, results announcement)", "status": "reported", "source_url": "https://www.sec.gov/Archives/edgar/data/1577552/000110465924061145/tm2414429d1_ex99-1.htm", "source_date": "2024-05-14", "note": "current-quarter column; debt = bank borrowings + unsecured senior notes + convertible senior notes + exchangeable bonds, current and non-current, from the balance sheet in https://www.sec.gov/Archives/edgar/data/1577552/000110465924061145/tm2414429d1_ex99-1.htm", "ai_share_low_pct": "70", "ai_share_high_pct": "90" }, { "ticker": "BABA", "company": "Alibaba", "sector": "Chinese tech", "calendar_quarter": "2024-Q2", "fiscal_period": "FY2025 Q1", "period_start": "2024-04-01", "period_end": "2024-06-30", "currency": "CNY", "fx_avg": 7.241, "fx_end": 7.2672, "capex_local_m": 11939.0, "capex_usd_m": 1648.8, "revenue_usd_m": 33591.5, "ocf_usd_m": 4645.2, "fcf_usd_m": 2996.4, "total_debt_usd_m": 28613.1, "capex_to_revenue": 0.0491, "capex_to_ocf": 0.3549, "capex_basis": "Purchase of property and equipment (excl. land use rights and office-campus construction in progress), Alibaba's free-cash-flow reconciliation", "debt_basis": "Bank borrowings + unsecured senior notes + convertible senior notes + exchangeable bonds, current and non-current, excl. leases (balance sheet, results announcement)", "status": "reported", "source_url": "https://www.sec.gov/Archives/edgar/data/1577552/000110465924090102/tm2421791d1_ex99-1.htm", "source_date": "2024-08-15", "note": "current-quarter column; debt = bank borrowings + unsecured senior notes + convertible senior notes + exchangeable bonds, current and non-current, from the balance sheet in https://www.sec.gov/Archives/edgar/data/1577552/000110465924090102/tm2421791d1_ex99-1.htm", "ai_share_low_pct": "70", "ai_share_high_pct": "90" }, { "ticker": "BABA", "company": "Alibaba", "sector": "Chinese tech", "calendar_quarter": "2024-Q3", "fiscal_period": "FY2025 Q2", "period_start": "2024-07-01", "period_end": "2024-09-30", "currency": "CNY", "fx_avg": 7.1641, "fx_end": 7.0176, "capex_local_m": 16977.0, "capex_usd_m": 2369.7, "revenue_usd_m": 33012.2, "ocf_usd_m": 4388.3, "fcf_usd_m": 2018.5, "total_debt_usd_m": 28821.8, "capex_to_revenue": 0.0718, "capex_to_ocf": 0.54, "capex_basis": "Purchase of property and equipment (excl. land use rights and office-campus construction in progress), Alibaba's free-cash-flow reconciliation", "debt_basis": "Bank borrowings + unsecured senior notes + convertible senior notes + exchangeable bonds, current and non-current, excl. leases (balance sheet, results announcement)", "status": "reported", "source_url": "https://www.sec.gov/Archives/edgar/data/1577552/000110465924119688/tm2428590d1_ex99-1.htm", "source_date": "2024-11-15", "note": "current-quarter column; debt = bank borrowings + unsecured senior notes + convertible senior notes + exchangeable bonds, current and non-current, from the balance sheet in https://www.sec.gov/Archives/edgar/data/1577552/000110465924119688/tm2428590d1_ex99-2.htm", "ai_share_low_pct": "70", "ai_share_high_pct": "90" }, { "ticker": "BABA", "company": "Alibaba", "sector": "Chinese tech", "calendar_quarter": "2024-Q4", "fiscal_period": "FY2025 Q3", "period_start": "2024-10-01", "period_end": "2024-12-31", "currency": "CNY", "fx_avg": 7.1896, "fx_end": 7.2993, "capex_local_m": 31369.0, "capex_usd_m": 4363.1, "revenue_usd_m": 38966.6, "ocf_usd_m": 9863.6, "fcf_usd_m": 5500.4, "total_debt_usd_m": 31719.2, "capex_to_revenue": 0.112, "capex_to_ocf": 0.4423, "capex_basis": "Purchase of property and equipment (excl. land use rights and office-campus construction in progress), Alibaba's free-cash-flow reconciliation", "debt_basis": "Bank borrowings + unsecured senior notes + convertible senior notes + exchangeable bonds, current and non-current, excl. leases (balance sheet, results announcement)", "status": "reported", "source_url": "https://www.sec.gov/Archives/edgar/data/1577552/000110465925015648/tm257183d1_ex99-1.htm", "source_date": "2025-02-20", "note": "current-quarter column; debt = bank borrowings + unsecured senior notes + convertible senior notes + exchangeable bonds, current and non-current, from the balance sheet in https://www.sec.gov/Archives/edgar/data/1577552/000110465925015648/tm257183d1_ex99-1.htm", "ai_share_low_pct": "70", "ai_share_high_pct": "90" }, { "ticker": "BABA", "company": "Alibaba", "sector": "Chinese tech", "calendar_quarter": "2025-Q1", "fiscal_period": "FY2025 Q4", "period_start": "2025-01-01", "period_end": "2025-03-31", "currency": "CNY", "fx_avg": 7.2728, "fx_end": 7.2567, "capex_local_m": 23993.0, "capex_usd_m": 3299.0, "revenue_usd_m": 32512.1, "ocf_usd_m": 3784.0, "fcf_usd_m": 485.0, "total_debt_usd_m": 31791.7, "capex_to_revenue": 0.1015, "capex_to_ocf": 0.8718, "capex_basis": "Purchase of property and equipment (excl. land use rights and office-campus construction in progress), Alibaba's free-cash-flow reconciliation", "debt_basis": "Bank borrowings + unsecured senior notes + convertible senior notes + exchangeable bonds, current and non-current, excl. leases (balance sheet, results announcement)", "status": "reported", "source_url": "https://www.sec.gov/Archives/edgar/data/1577552/000110465925049400/tm2515233d1_ex99-1.htm", "source_date": "2025-05-15", "note": "current-quarter column; debt = bank borrowings + unsecured senior notes + convertible senior notes + exchangeable bonds, current and non-current, from the balance sheet in https://www.sec.gov/Archives/edgar/data/1577552/000110465925049400/tm2515233d1_ex99-1.htm", "ai_share_low_pct": "70", "ai_share_high_pct": "90" }, { "ticker": "BABA", "company": "Alibaba", "sector": "Chinese tech", "calendar_quarter": "2025-Q2", "fiscal_period": "FY2026 Q1", "period_start": "2025-04-01", "period_end": "2025-06-30", "currency": "CNY", "fx_avg": 7.2331, "fx_end": 7.1636, "capex_local_m": 38629.0, "capex_usd_m": 5340.6, "revenue_usd_m": 34238.7, "ocf_usd_m": 2858.0, "fcf_usd_m": -2482.6, "total_debt_usd_m": 32399.6, "capex_to_revenue": 0.156, "capex_to_ocf": 1.8687, "capex_basis": "Purchase of property and equipment (excl. land use rights and office-campus construction in progress), Alibaba's free-cash-flow reconciliation", "debt_basis": "Bank borrowings + unsecured senior notes + convertible senior notes + exchangeable bonds, current and non-current, excl. leases (balance sheet, results announcement)", "status": "reported", "source_url": "https://www.sec.gov/Archives/edgar/data/1577552/000110465925085638/tm2524743d1_ex99-1.htm", "source_date": "2025-08-29", "note": "current-quarter column; debt = bank borrowings + unsecured senior notes + convertible senior notes + exchangeable bonds, current and non-current, from the balance sheet in https://www.sec.gov/Archives/edgar/data/1577552/000110465925085638/tm2524743d1_ex99-1.htm", "ai_share_low_pct": "70", "ai_share_high_pct": "90" }, { "ticker": "BABA", "company": "Alibaba", "sector": "Chinese tech", "calendar_quarter": "2025-Q3", "fiscal_period": "FY2026 Q2", "period_start": "2025-07-01", "period_end": "2025-09-30", "currency": "CNY", "fx_avg": 7.157, "fx_end": 7.119, "capex_local_m": 31428.0, "capex_usd_m": 4391.2, "revenue_usd_m": 34622.7, "ocf_usd_m": 1411.1, "fcf_usd_m": -2980.2, "total_debt_usd_m": 39555.3, "capex_to_revenue": 0.1268, "capex_to_ocf": 3.112, "capex_basis": "Purchase of property and equipment (excl. land use rights and office-campus construction in progress), Alibaba's free-cash-flow reconciliation", "debt_basis": "Bank borrowings + unsecured senior notes + convertible senior notes + exchangeable bonds, current and non-current, excl. leases (balance sheet, results announcement)", "status": "reported", "source_url": "https://www.sec.gov/Archives/edgar/data/1577552/000110465925115949/tm2532163d1_ex99-1.htm", "source_date": "2025-11-25", "note": "current-quarter column; debt = bank borrowings + unsecured senior notes + convertible senior notes + exchangeable bonds, current and non-current, from the balance sheet in https://www.sec.gov/Archives/edgar/data/1577552/000110465925115949/tm2532163d1_ex99-1.htm", "ai_share_low_pct": "70", "ai_share_high_pct": "90" }, { "ticker": "BABA", "company": "Alibaba", "sector": "Chinese tech", "calendar_quarter": "2025-Q4", "fiscal_period": "FY2026 Q3", "period_start": "2025-10-01", "period_end": "2025-12-31", "currency": "CNY", "fx_avg": 7.0889, "fx_end": 6.9931, "capex_local_m": 25376.0, "capex_usd_m": 3579.7, "revenue_usd_m": 40181.6, "ocf_usd_m": 5082.9, "fcf_usd_m": 1503.2, "total_debt_usd_m": 37571.3, "capex_to_revenue": 0.0891, "capex_to_ocf": 0.7043, "capex_basis": "Purchase of property and equipment (excl. land use rights and office-campus construction in progress), Alibaba's free-cash-flow reconciliation", "debt_basis": "Bank borrowings + unsecured senior notes + convertible senior notes + exchangeable bonds, current and non-current, excl. leases (balance sheet, results announcement)", "status": "reported", "source_url": "https://www.sec.gov/Archives/edgar/data/1577552/000110465926032060/tm269353d1_ex99-1.htm", "source_date": "2026-03-19", "note": "current-quarter column; debt = bank borrowings + unsecured senior notes + convertible senior notes + exchangeable bonds, current and non-current, from the balance sheet in https://www.sec.gov/Archives/edgar/data/1577552/000110465926032060/tm269353d1_ex99-1.htm", "ai_share_low_pct": "70", "ai_share_high_pct": "90" }, { "ticker": "BABA", "company": "Alibaba", "sector": "Chinese tech", "calendar_quarter": "2026-Q1", "fiscal_period": "FY2026 Q4", "period_start": "2026-01-01", "period_end": "2026-03-31", "currency": "CNY", "fx_avg": 6.9218, "fx_end": 6.898, "capex_local_m": 26588.0, "capex_usd_m": 3841.2, "revenue_usd_m": 35161.4, "ocf_usd_m": 1359.5, "fcf_usd_m": -2481.7, "total_debt_usd_m": 37691.5, "capex_to_revenue": 0.1092, "capex_to_ocf": 2.8255, "capex_basis": "Purchase of property and equipment (excl. land use rights and office-campus construction in progress), Alibaba's free-cash-flow reconciliation", "debt_basis": "Bank borrowings + unsecured senior notes + convertible senior notes + exchangeable bonds, current and non-current, excl. leases (balance sheet, results announcement)", "status": "reported", "source_url": "https://www.sec.gov/Archives/edgar/data/1577552/000110465926060224/tm2614494d1_ex99-1.htm", "source_date": "2026-05-13", "note": "current-quarter column; debt = bank borrowings + unsecured senior notes + convertible senior notes + exchangeable bonds, current and non-current, from the balance sheet in https://www.sec.gov/Archives/edgar/data/1577552/000110465926060224/tm2614494d1_ex99-1.htm", "ai_share_low_pct": "70", "ai_share_high_pct": "90" }, { "ticker": "BABA", "company": "Alibaba", "sector": "Chinese tech", "calendar_quarter": "2026-Q2", "fiscal_period": "FY2027 Q1", "period_start": "2026-04-01", "period_end": "2026-06-30", "currency": "CNY", "fx_avg": 6.8048, "fx_end": 6.7851, "capex_local_m": 67660.0, "capex_usd_m": 9943.0, "revenue_usd_m": 39524.0, "ocf_usd_m": 3371.9, "fcf_usd_m": -6571.1, "total_debt_usd_m": 39281.7, "capex_to_revenue": 0.2516, "capex_to_ocf": 2.9488, "capex_basis": "Purchase of property and equipment (excl. land use rights and office-campus construction in progress), Alibaba's free-cash-flow reconciliation", "debt_basis": "Bank borrowings + unsecured senior notes + convertible senior notes + exchangeable bonds, current and non-current, excl. leases (balance sheet, results announcement)", "status": "reported", "source_url": "https://www.sec.gov/Archives/edgar/data/1577552/000110465926099220/tm2623667d1_ex99-1.htm", "source_date": "2026-08-20", "note": "current-quarter column; debt = bank borrowings + unsecured senior notes + convertible senior notes + exchangeable bonds, current and non-current, from the balance sheet in https://www.sec.gov/Archives/edgar/data/1577552/000110465926099220/tm2623667d1_ex99-1.htm", "ai_share_low_pct": "70", "ai_share_high_pct": "90" }, { "ticker": "TCEHY", "company": "Tencent", "sector": "Chinese tech", "calendar_quarter": "2024-Q1", "fiscal_period": "2024 Q1", "period_start": "2024-01-01", "period_end": "2024-03-31", "currency": "CNY", "fx_avg": 7.1885, "fx_end": 7.2203, "capex_local_m": 14359.0, "capex_usd_m": 1997.5, "revenue_usd_m": 22188.4, "ocf_usd_m": null, "fcf_usd_m": null, "total_debt_usd_m": null, "capex_to_revenue": 0.09, "capex_to_ocf": null, "capex_basis": "'Capital expenditures' as reported in Tencent's results release (IT infrastructure, data centres, land use rights, office premises and intellectual property; accrual basis, not cash payments)", "debt_basis": "Borrowings + notes payable, current and non-current (balance sheet); excludes leases", "status": "reported (prior-year comparative column)", "source_url": "https://static.www.tencent.com/uploads/2025/05/16/2af4e73edd208df236dadd8b9df89fc4.pdf", "source_date": "2025-05-14", "note": "OCF not disclosed quarterly for this period in releases fetched", "ai_share_low_pct": "60", "ai_share_high_pct": "85" }, { "ticker": "TCEHY", "company": "Tencent", "sector": "Chinese tech", "calendar_quarter": "2024-Q2", "fiscal_period": "2024 Q2", "period_start": "2024-04-01", "period_end": "2024-06-30", "currency": "CNY", "fx_avg": 7.241, "fx_end": 7.2672, "capex_local_m": 8729.0, "capex_usd_m": 1205.5, "revenue_usd_m": 22250.7, "ocf_usd_m": null, "fcf_usd_m": null, "total_debt_usd_m": null, "capex_to_revenue": 0.0542, "capex_to_ocf": null, "capex_basis": "'Capital expenditures' as reported in Tencent's results release (IT infrastructure, data centres, land use rights, office premises and intellectual property; accrual basis, not cash payments)", "debt_basis": "Borrowings + notes payable, current and non-current (balance sheet); excludes leases", "status": "reported (prior-year comparative column)", "source_url": "https://static.www.tencent.com/uploads/2025/08/13/56af6c5c98acdc7bd757a7bd208d8189.pdf", "source_date": "2025-08-13", "note": "OCF not disclosed quarterly for this period in releases fetched", "ai_share_low_pct": "60", "ai_share_high_pct": "85" }, { "ticker": "TCEHY", "company": "Tencent", "sector": "Chinese tech", "calendar_quarter": "2024-Q3", "fiscal_period": "2024 Q3", "period_start": "2024-07-01", "period_end": "2024-09-30", "currency": "CNY", "fx_avg": 7.1641, "fx_end": 7.0176, "capex_local_m": 17094.0, "capex_usd_m": 2386.1, "revenue_usd_m": 23337.6, "ocf_usd_m": null, "fcf_usd_m": null, "total_debt_usd_m": null, "capex_to_revenue": 0.1022, "capex_to_ocf": null, "capex_basis": "'Capital expenditures' as reported in Tencent's results release (IT infrastructure, data centres, land use rights, office premises and intellectual property; accrual basis, not cash payments)", "debt_basis": "Borrowings + notes payable, current and non-current (balance sheet); excludes leases", "status": "reported (prior-year comparative column)", "source_url": "https://static.www.tencent.com/uploads/2025/11/13/a33b6f19738615834787623f17d20ba3.pdf", "source_date": "2025-11-13", "note": "OCF not disclosed quarterly for this period in releases fetched", "ai_share_low_pct": "60", "ai_share_high_pct": "85" }, { "ticker": "TCEHY", "company": "Tencent", "sector": "Chinese tech", "calendar_quarter": "2024-Q4", "fiscal_period": "2024 Q4", "period_start": "2024-10-01", "period_end": "2024-12-31", "currency": "CNY", "fx_avg": 7.1896, "fx_end": 7.2993, "capex_local_m": 36578.0, "capex_usd_m": 5087.6, "revenue_usd_m": 23985.5, "ocf_usd_m": null, "fcf_usd_m": null, "total_debt_usd_m": 46390.1, "capex_to_revenue": 0.2121, "capex_to_ocf": null, "capex_basis": "'Capital expenditures' as reported in Tencent's results release (IT infrastructure, data centres, land use rights, office premises and intellectual property; accrual basis, not cash payments)", "debt_basis": "Borrowings + notes payable, current and non-current (balance sheet); excludes leases", "status": "reported (prior-year comparative column)", "source_url": "https://static.www.tencent.com/uploads/2026/03/18/e6a646796d0d869acc76271c9ee1a6a5.pdf", "source_date": "2026-03-18", "note": "OCF not disclosed quarterly for this period in releases fetched", "ai_share_low_pct": "60", "ai_share_high_pct": "85" }, { "ticker": "TCEHY", "company": "Tencent", "sector": "Chinese tech", "calendar_quarter": "2025-Q1", "fiscal_period": "2025 Q1", "period_start": "2025-01-01", "period_end": "2025-03-31", "currency": "CNY", "fx_avg": 7.2728, "fx_end": 7.2567, "capex_local_m": 27476.0, "capex_usd_m": 3777.9, "revenue_usd_m": 24752.8, "ocf_usd_m": 10573.6, "fcf_usd_m": 6795.7, "total_debt_usd_m": 53164.1, "capex_to_revenue": 0.1526, "capex_to_ocf": 0.3573, "capex_basis": "'Capital expenditures' as reported in Tencent's results release (IT infrastructure, data centres, land use rights, office premises and intellectual property; accrual basis, not cash payments)", "debt_basis": "Borrowings + notes payable, current and non-current (balance sheet); excludes leases", "status": "reported", "source_url": "https://static.www.tencent.com/uploads/2025/05/16/2af4e73edd208df236dadd8b9df89fc4.pdf", "source_date": "2025-05-14", "note": "capex cash payments RMB23.0bn per results announcement (OCF and payments from MD&A free-cash-flow paragraph, https://static.www.tencent.com/uploads/2025/05/14/974f3a6fa84a248511004ddf4a498767.pdf)", "ai_share_low_pct": "60", "ai_share_high_pct": "85" }, { "ticker": "TCEHY", "company": "Tencent", "sector": "Chinese tech", "calendar_quarter": "2025-Q2", "fiscal_period": "2025 Q2", "period_start": "2025-04-01", "period_end": "2025-06-30", "currency": "CNY", "fx_avg": 7.2331, "fx_end": 7.1636, "capex_local_m": 19107.0, "capex_usd_m": 2641.6, "revenue_usd_m": 25508.3, "ocf_usd_m": 10286.0, "fcf_usd_m": 7644.4, "total_debt_usd_m": 54974.5, "capex_to_revenue": 0.1036, "capex_to_ocf": 0.2568, "capex_basis": "'Capital expenditures' as reported in Tencent's results release (IT infrastructure, data centres, land use rights, office premises and intellectual property; accrual basis, not cash payments)", "debt_basis": "Borrowings + notes payable, current and non-current (balance sheet); excludes leases", "status": "reported", "source_url": "https://static.www.tencent.com/uploads/2025/08/13/56af6c5c98acdc7bd757a7bd208d8189.pdf", "source_date": "2025-08-13", "note": "capex cash payments RMB22.9bn per results announcement (OCF and payments from MD&A free-cash-flow paragraph, https://static.www.tencent.com/uploads/2025/08/13/04bb9aff753a14a149d7c278f9fd29fa.pdf)", "ai_share_low_pct": "60", "ai_share_high_pct": "85" }, { "ticker": "TCEHY", "company": "Tencent", "sector": "Chinese tech", "calendar_quarter": "2025-Q3", "fiscal_period": "2025 Q3", "period_start": "2025-07-01", "period_end": "2025-09-30", "currency": "CNY", "fx_avg": 7.157, "fx_end": 7.119, "capex_local_m": 12983.0, "capex_usd_m": 1814.0, "revenue_usd_m": 26948.3, "ocf_usd_m": 11918.4, "fcf_usd_m": 10104.4, "total_debt_usd_m": 54913.0, "capex_to_revenue": 0.0673, "capex_to_ocf": 0.1522, "capex_basis": "'Capital expenditures' as reported in Tencent's results release (IT infrastructure, data centres, land use rights, office premises and intellectual property; accrual basis, not cash payments)", "debt_basis": "Borrowings + notes payable, current and non-current (balance sheet); excludes leases", "status": "reported", "source_url": "https://static.www.tencent.com/uploads/2025/11/13/a33b6f19738615834787623f17d20ba3.pdf", "source_date": "2025-11-13", "note": "capex cash payments RMB20.0bn per results announcement (OCF and payments from MD&A free-cash-flow paragraph, https://static.www.tencent.com/uploads/2025/11/13/e63656944030f90a5e4c8f1718d8bdd6.pdf)", "ai_share_low_pct": "60", "ai_share_high_pct": "85" }, { "ticker": "TCEHY", "company": "Tencent", "sector": "Chinese tech", "calendar_quarter": "2025-Q4", "fiscal_period": "2025 Q4", "period_start": "2025-10-01", "period_end": "2025-12-31", "currency": "CNY", "fx_avg": 7.0889, "fx_end": 6.9931, "capex_local_m": 19632.0, "capex_usd_m": 2769.4, "revenue_usd_m": 27419.1, "ocf_usd_m": 9380.9, "fcf_usd_m": 6611.5, "total_debt_usd_m": 55445.1, "capex_to_revenue": 0.101, "capex_to_ocf": 0.2952, "capex_basis": "'Capital expenditures' as reported in Tencent's results release (IT infrastructure, data centres, land use rights, office premises and intellectual property; accrual basis, not cash payments)", "debt_basis": "Borrowings + notes payable, current and non-current (balance sheet); excludes leases", "status": "reported", "source_url": "https://static.www.tencent.com/uploads/2026/03/18/e6a646796d0d869acc76271c9ee1a6a5.pdf", "source_date": "2026-03-18", "note": "capex cash payments RMB22.4bn per results announcement (OCF and payments from MD&A free-cash-flow paragraph, https://static.www.tencent.com/uploads/2026/03/18/f78591955e05a6db4e31e128bdaefefa.pdf)", "ai_share_low_pct": "60", "ai_share_high_pct": "85" }, { "ticker": "TCEHY", "company": "Tencent", "sector": "Chinese tech", "calendar_quarter": "2026-Q1", "fiscal_period": "2026 Q1", "period_start": "2026-01-01", "period_end": "2026-03-31", "currency": "CNY", "fx_avg": 6.9218, "fx_end": 6.898, "capex_local_m": 31936.0, "capex_usd_m": 4613.8, "revenue_usd_m": 28382.5, "ocf_usd_m": 14649.4, "fcf_usd_m": 10035.5, "total_debt_usd_m": 56074.9, "capex_to_revenue": 0.1626, "capex_to_ocf": 0.315, "capex_basis": "'Capital expenditures' as reported in Tencent's results release (IT infrastructure, data centres, land use rights, office premises and intellectual property; accrual basis, not cash payments)", "debt_basis": "Borrowings + notes payable, current and non-current (balance sheet); excludes leases", "status": "reported", "source_url": "https://static.www.tencent.com/uploads/2026/05/13/47382ae415a209fd161bc19a1f9b3704.pdf", "source_date": "2026-05-13", "note": "capex cash payments RMB37.0bn per results announcement (OCF and payments from MD&A free-cash-flow paragraph, https://static.www.tencent.com/uploads/2026/05/13/59cf8219adbb046153f69387479350ac.pdf)", "ai_share_low_pct": "60", "ai_share_high_pct": "85" }, { "ticker": "TCEHY", "company": "Tencent", "sector": "Chinese tech", "calendar_quarter": "2026-Q2", "fiscal_period": "2026 Q2", "period_start": "2026-04-01", "period_end": "2026-06-30", "currency": "CNY", "fx_avg": 6.8048, "fx_end": 6.7851, "capex_local_m": 52784.0, "capex_usd_m": 7756.9, "revenue_usd_m": 30094.2, "ocf_usd_m": 7744.5, "fcf_usd_m": -12.3, "total_debt_usd_m": 66758.5, "capex_to_revenue": 0.2578, "capex_to_ocf": 1.0016, "capex_basis": "'Capital expenditures' as reported in Tencent's results release (IT infrastructure, data centres, land use rights, office premises and intellectual property; accrual basis, not cash payments)", "debt_basis": "Borrowings + notes payable, current and non-current (balance sheet); excludes leases", "status": "reported", "source_url": "https://www.tencent.com/wp-content/uploads/2026/08/Tencent-Announces-2026-Second-Quarter-Results.pdf", "source_date": "2026-08-12", "note": "capex cash payments RMB59.3bn per results announcement (OCF and payments from MD&A free-cash-flow paragraph, https://www.tencent.com/wp-content/uploads/2026/08/E700_IRA.pdf)", "ai_share_low_pct": "60", "ai_share_high_pct": "85" }, { "ticker": "BIDU", "company": "Baidu", "sector": "Chinese tech", "calendar_quarter": "2023-Q1", "fiscal_period": "FY2023 Q1", "period_start": "2023-01-01", "period_end": "2023-03-31", "currency": "CNY", "fx_avg": 6.8423, "fx_end": 6.8676, "capex_local_m": 1295.0, "capex_usd_m": 189.3, "revenue_usd_m": 4551.7, "ocf_usd_m": 853.5, "fcf_usd_m": 664.3, "total_debt_usd_m": 12665.3, "capex_to_revenue": 0.0416, "capex_to_ocf": 0.2217, "capex_basis": "Capital expenditures, Baidu, Inc. consolidated (incl. iQIYI), free-cash-flow table of the earnings release", "debt_basis": "short-term loans + long-term loans + notes payable + convertible senior notes (current and non-current); excludes leases", "status": "reported", "source_url": "https://www.sec.gov/Archives/edgar/data/1329099/000119312523145594/d472126dex991.htm", "source_date": "2023-05-16", "note": "", "ai_share_low_pct": "50", "ai_share_high_pct": "80" }, { "ticker": "BIDU", "company": "Baidu", "sector": "Chinese tech", "calendar_quarter": "2023-Q2", "fiscal_period": "FY2023 Q2", "period_start": "2023-04-01", "period_end": "2023-06-30", "currency": "CNY", "fx_avg": 7.013, "fx_end": 7.2513, "capex_local_m": 2706.0, "capex_usd_m": 385.9, "revenue_usd_m": 4856.1, "ocf_usd_m": 1516.0, "fcf_usd_m": 1130.2, "total_debt_usd_m": 11522.9, "capex_to_revenue": 0.0795, "capex_to_ocf": 0.2545, "capex_basis": "Capital expenditures, Baidu, Inc. consolidated (incl. iQIYI), free-cash-flow table of the earnings release", "debt_basis": "short-term loans + long-term loans + notes payable + convertible senior notes (current and non-current); excludes leases", "status": "reported", "source_url": "https://www.sec.gov/Archives/edgar/data/1329099/000119312523217413/d502468dex991.htm", "source_date": "2023-08-22", "note": "", "ai_share_low_pct": "50", "ai_share_high_pct": "80" }, { "ticker": "BIDU", "company": "Baidu", "sector": "Chinese tech", "calendar_quarter": "2023-Q3", "fiscal_period": "FY2023 Q3", "period_start": "2023-07-01", "period_end": "2023-09-30", "currency": "CNY", "fx_avg": 7.2445, "fx_end": 7.296, "capex_local_m": 3529.0, "capex_usd_m": 487.1, "revenue_usd_m": 4754.9, "ocf_usd_m": 1314.8, "fcf_usd_m": 827.7, "total_debt_usd_m": 10925.3, "capex_to_revenue": 0.1024, "capex_to_ocf": 0.3705, "capex_basis": "Capital expenditures, Baidu, Inc. consolidated (incl. iQIYI), free-cash-flow table of the earnings release", "debt_basis": "short-term loans + long-term loans + notes payable + convertible senior notes (current and non-current); excludes leases", "status": "reported", "source_url": "https://www.sec.gov/Archives/edgar/data/1329099/000119312523281151/d551070dex991.htm", "source_date": "2023-11-21", "note": "", "ai_share_low_pct": "50", "ai_share_high_pct": "80" }, { "ticker": "BIDU", "company": "Baidu", "sector": "Chinese tech", "calendar_quarter": "2023-Q4", "fiscal_period": "FY2023 Q4", "period_start": "2023-10-01", "period_end": "2023-12-31", "currency": "CNY", "fx_avg": 7.2247, "fx_end": 7.0999, "capex_local_m": 3660.0, "capex_usd_m": 506.6, "revenue_usd_m": 4837.7, "ocf_usd_m": 1469.7, "fcf_usd_m": 963.1, "total_debt_usd_m": 10767.3, "capex_to_revenue": 0.1047, "capex_to_ocf": 0.3447, "capex_basis": "Capital expenditures, Baidu, Inc. consolidated (incl. iQIYI), free-cash-flow table of the earnings release", "debt_basis": "short-term loans + long-term loans + notes payable + convertible senior notes (current and non-current); excludes leases", 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Blank where the release balance sheet was not parsed", "status": "reported", "source_url": "https://www.sec.gov/Archives/edgar/data/1513845/000110465926059872/tm2614392d1_ex99-1.htm", "source_date": "2026-05-13", "note": "continuing operations after the July 2024 Yandex divestment; Q1 2024 and earlier omitted (not comparable)", "ai_share_low_pct": "90", "ai_share_high_pct": "100" }, { "ticker": "NBIS", "company": "Nebius", "sector": "Neoclouds", "calendar_quarter": "2026-Q2", "fiscal_period": "FY2026 Q2", "period_start": "2026-04-01", "period_end": "2026-06-30", "currency": "USD", "fx_avg": 1.0, "fx_end": 1.0, "capex_local_m": 5657.4, "capex_usd_m": 5657.4, "revenue_usd_m": 582.3, "ocf_usd_m": 2246.1, "fcf_usd_m": -3411.3, "total_debt_usd_m": 8545.7, "capex_to_revenue": 9.7156, "capex_to_ocf": 2.5188, "capex_basis": "Purchases of property and equipment (and intangible assets), continuing operations, earnings-release summary table", "debt_basis": "Debt, current + Debt, non-current (balance sheet); excludes leases. 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"source_url": "https://www.sec.gov/Archives/edgar/data/320193/000032019324000081/0000320193-24-000081-index.htm", "source_date": "2024-08-02", "note": "2022-09-25..2023-07-01 minus 2022-09-25..2023-04-01 (acc 0000320193-24-000069)", "ai_share_low_pct": "10", "ai_share_high_pct": "30" }, { "ticker": "AAPL", "company": "Apple", "sector": "Consumer tech", "calendar_quarter": "2023-Q3", "fiscal_period": "FY2023 Q4", "period_start": "2023-07-02", "period_end": "2023-09-30", "currency": "USD", "fx_avg": 1, "fx_end": 1, "capex_local_m": 2163.0, "capex_usd_m": 2163.0, "revenue_usd_m": 89498.0, "ocf_usd_m": 21598.0, "fcf_usd_m": 19435.0, "total_debt_usd_m": 111088.0, "capex_to_revenue": 0.0242, "capex_to_ocf": 0.1001, "capex_basis": "Purchases of property and equipment, cash flow statement (SEC XBRL us-gaap:PaymentsToAcquirePropertyPlantAndEquipment)", "debt_basis": "Borrowings, notes and commercial paper, excl. leases (XBRL: LongTermDebt+CommercialPaper)", "status": "derived", "source_url": "https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/0000320193-25-000079-index.htm", "source_date": "2025-10-31", "note": "2022-09-25..2023-09-30 minus 2022-09-25..2023-07-01 (acc 0000320193-24-000081)", "ai_share_low_pct": "10", "ai_share_high_pct": "30" }, { "ticker": "AAPL", "company": "Apple", "sector": "Consumer tech", "calendar_quarter": "2023-Q4", "fiscal_period": "FY2024 Q1", "period_start": "2023-10-01", "period_end": "2023-12-30", "currency": "USD", "fx_avg": 1, "fx_end": 1, "capex_local_m": 2392.0, "capex_usd_m": 2392.0, "revenue_usd_m": 119575.0, "ocf_usd_m": 39895.0, "fcf_usd_m": 37503.0, "total_debt_usd_m": 107998.0, "capex_to_revenue": 0.02, "capex_to_ocf": 0.06, "capex_basis": "Purchases of property and equipment, cash flow statement (SEC XBRL us-gaap:PaymentsToAcquirePropertyPlantAndEquipment)", "debt_basis": "Borrowings, notes and commercial paper, excl. leases (XBRL: LongTermDebt+CommercialPaper)", "status": "reported", "source_url": 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"https://www.sec.gov/Archives/edgar/data/320193/000032019325000073/0000320193-25-000073-index.htm", "source_date": "2025-08-01", "note": "2023-10-01..2024-06-29 minus 2023-10-01..2024-03-30 (acc 0000320193-25-000057)", "ai_share_low_pct": "10", "ai_share_high_pct": "30" }, { "ticker": "AAPL", "company": "Apple", "sector": "Consumer tech", "calendar_quarter": "2024-Q3", "fiscal_period": "FY2024 Q4", "period_start": "2024-06-30", "period_end": "2024-09-28", "currency": "USD", "fx_avg": 1, "fx_end": 1, "capex_local_m": 2908.0, "capex_usd_m": 2908.0, "revenue_usd_m": 94930.0, "ocf_usd_m": 26811.0, "fcf_usd_m": 23903.0, "total_debt_usd_m": 106629.0, "capex_to_revenue": 0.0306, "capex_to_ocf": 0.1085, "capex_basis": "Purchases of property and equipment, cash flow statement (SEC XBRL us-gaap:PaymentsToAcquirePropertyPlantAndEquipment)", "debt_basis": "Borrowings, notes and commercial paper, excl. leases (XBRL: LongTermDebt+CommercialPaper)", "status": "derived", "source_url": "https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/0000320193-25-000079-index.htm", "source_date": "2025-10-31", "note": "2023-10-01..2024-09-28 minus 2023-10-01..2024-06-29 (acc 0000320193-25-000073)", "ai_share_low_pct": "10", "ai_share_high_pct": "30" }, { "ticker": "AAPL", "company": "Apple", "sector": "Consumer tech", "calendar_quarter": "2024-Q4", "fiscal_period": "FY2025 Q1", "period_start": "2024-09-29", "period_end": "2024-12-28", "currency": "USD", "fx_avg": 1, "fx_end": 1, "capex_local_m": 2940.0, "capex_usd_m": 2940.0, "revenue_usd_m": 124300.0, "ocf_usd_m": 29935.0, "fcf_usd_m": 26995.0, "total_debt_usd_m": 96795.0, "capex_to_revenue": 0.0237, "capex_to_ocf": 0.0982, "capex_basis": "Purchases of property and equipment, cash flow statement (SEC XBRL us-gaap:PaymentsToAcquirePropertyPlantAndEquipment)", "debt_basis": "Borrowings, notes and commercial paper, excl. leases (XBRL: LongTermDebt+CommercialPaper)", "status": "reported", "source_url": "https://www.sec.gov/Archives/edgar/data/320193/000032019326000006/0000320193-26-000006-index.htm", "source_date": "2026-01-30", "note": "", "ai_share_low_pct": "10", "ai_share_high_pct": "30" }, { "ticker": "AAPL", "company": "Apple", "sector": "Consumer tech", "calendar_quarter": "2025-Q1", "fiscal_period": "FY2025 Q2", "period_start": "2024-12-29", "period_end": "2025-03-29", "currency": "USD", "fx_avg": 1, "fx_end": 1, "capex_local_m": 3071.0, "capex_usd_m": 3071.0, "revenue_usd_m": 95359.0, "ocf_usd_m": 23952.0, "fcf_usd_m": 20881.0, "total_debt_usd_m": 98182.0, "capex_to_revenue": 0.0322, "capex_to_ocf": 0.1282, "capex_basis": "Purchases of property and equipment, cash flow statement (SEC XBRL us-gaap:PaymentsToAcquirePropertyPlantAndEquipment)", "debt_basis": "Borrowings, notes and commercial paper, excl. leases (XBRL: LongTermDebt+CommercialPaper)", "status": "derived", "source_url": "https://www.sec.gov/Archives/edgar/data/320193/000032019326000013/0000320193-26-000013-index.htm", "source_date": "2026-05-01", "note": "2024-09-29..2025-03-29 minus 2024-09-29..2024-12-28 (acc 0000320193-26-000006)", "ai_share_low_pct": "10", "ai_share_high_pct": "30" }, { "ticker": "AAPL", "company": "Apple", "sector": "Consumer tech", "calendar_quarter": "2025-Q2", "fiscal_period": "FY2025 Q3", "period_start": "2025-03-30", "period_end": "2025-06-28", "currency": "USD", "fx_avg": 1, "fx_end": 1, "capex_local_m": 3462.0, "capex_usd_m": 3462.0, "revenue_usd_m": 94036.0, "ocf_usd_m": 27867.0, "fcf_usd_m": 24405.0, "total_debt_usd_m": 101723.0, "capex_to_revenue": 0.0368, "capex_to_ocf": 0.1242, "capex_basis": "Purchases of property and equipment, cash flow statement (SEC XBRL us-gaap:PaymentsToAcquirePropertyPlantAndEquipment)", "debt_basis": "Borrowings, notes and commercial paper, excl. leases (XBRL: LongTermDebt+CommercialPaper)", "status": "derived", "source_url": "https://www.sec.gov/Archives/edgar/data/320193/000032019326000020/0000320193-26-000020-index.htm", "source_date": "2026-07-31", "note": "2024-09-29..2025-06-28 minus 2024-09-29..2025-03-29 (acc 0000320193-26-000013)", "ai_share_low_pct": "10", "ai_share_high_pct": "30" }, { "ticker": "AAPL", "company": "Apple", "sector": "Consumer tech", "calendar_quarter": "2025-Q3", "fiscal_period": "FY2025 Q4", "period_start": "2025-06-29", "period_end": "2025-09-27", "currency": "USD", "fx_avg": 1, "fx_end": 1, "capex_local_m": 3242.0, "capex_usd_m": 3242.0, "revenue_usd_m": 102466.0, "ocf_usd_m": 29728.0, "fcf_usd_m": 26486.0, "total_debt_usd_m": 98679.0, "capex_to_revenue": 0.0316, "capex_to_ocf": 0.1091, "capex_basis": "Purchases of property and equipment, cash flow statement (SEC XBRL us-gaap:PaymentsToAcquirePropertyPlantAndEquipment)", "debt_basis": "Borrowings, notes and commercial paper, excl. leases (XBRL: LongTermDebt+CommercialPaper)", "status": "derived", "source_url": "https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/0000320193-25-000079-index.htm", "source_date": "2025-10-31", "note": "2024-09-29..2025-09-27 minus 2024-09-29..2025-06-28 (acc 0000320193-26-000020)", "ai_share_low_pct": "10", "ai_share_high_pct": "30" }, { "ticker": "AAPL", "company": "Apple", "sector": "Consumer tech", "calendar_quarter": "2025-Q4", "fiscal_period": "FY2026 Q1", "period_start": "2025-09-28", "period_end": "2025-12-27", "currency": "USD", "fx_avg": 1, "fx_end": 1, "capex_local_m": 2373.0, "capex_usd_m": 2373.0, "revenue_usd_m": 143756.0, "ocf_usd_m": 53925.0, "fcf_usd_m": 51552.0, "total_debt_usd_m": 90497.0, "capex_to_revenue": 0.0165, "capex_to_ocf": 0.044, "capex_basis": "Purchases of property and equipment, cash flow statement (SEC XBRL us-gaap:PaymentsToAcquirePropertyPlantAndEquipment)", "debt_basis": "Borrowings, notes and commercial paper, excl. leases (XBRL: LongTermDebt+CommercialPaper)", "status": "reported", "source_url": "https://www.sec.gov/Archives/edgar/data/320193/000032019326000006/0000320193-26-000006-index.htm", "source_date": "2026-01-30", "note": "", "ai_share_low_pct": "10", "ai_share_high_pct": "30" }, { "ticker": "AAPL", "company": "Apple", "sector": "Consumer tech", "calendar_quarter": "2026-Q1", "fiscal_period": "FY2026 Q2", "period_start": "2025-12-28", "period_end": "2026-03-28", "currency": "USD", "fx_avg": 1, "fx_end": 1, "capex_local_m": 1971.0, "capex_usd_m": 1971.0, "revenue_usd_m": 111184.0, "ocf_usd_m": 28702.0, "fcf_usd_m": 26731.0, "total_debt_usd_m": 84697.0, "capex_to_revenue": 0.0177, "capex_to_ocf": 0.0687, "capex_basis": "Purchases of property and equipment, cash flow statement (SEC XBRL us-gaap:PaymentsToAcquirePropertyPlantAndEquipment)", "debt_basis": "Borrowings, notes and commercial paper, excl. leases (XBRL: LongTermDebt+CommercialPaper)", "status": "derived", "source_url": "https://www.sec.gov/Archives/edgar/data/320193/000032019326000013/0000320193-26-000013-index.htm", "source_date": "2026-05-01", "note": "2025-09-28..2026-03-28 minus 2025-09-28..2025-12-27 (acc 0000320193-26-000006)", "ai_share_low_pct": "10", "ai_share_high_pct": "30" }, { "ticker": "AAPL", "company": "Apple", "sector": "Consumer tech", "calendar_quarter": "2026-Q2", "fiscal_period": "FY2026 Q3", "period_start": "2026-03-29", "period_end": "2026-06-27", "currency": "USD", "fx_avg": 1, "fx_end": 1, "capex_local_m": 2455.0, "capex_usd_m": 2455.0, "revenue_usd_m": 109417.0, "ocf_usd_m": 34369.0, "fcf_usd_m": 31914.0, "total_debt_usd_m": 84297.0, "capex_to_revenue": 0.0224, "capex_to_ocf": 0.0714, "capex_basis": "Purchases of property and equipment, cash flow statement (SEC XBRL us-gaap:PaymentsToAcquirePropertyPlantAndEquipment)", "debt_basis": "Borrowings, notes and commercial paper, excl. leases (XBRL: LongTermDebt+CommercialPaper)", "status": "derived", "source_url": "https://www.sec.gov/Archives/edgar/data/320193/000032019326000020/0000320193-26-000020-index.htm", "source_date": "2026-07-31", "note": "2025-09-28..2026-06-27 minus 2025-09-28..2026-03-28 (acc 0000320193-26-000013)", "ai_share_low_pct": "10", "ai_share_high_pct": "30" } ], "ai_share": [ { "ticker": "MSFT", "low_pct": "55", "high_pct": "75", "confidence": "medium", "method": "Microsoft attributes its capex growth to 'cloud and AI infrastructure' on every call since 2023 and says the mix is shifting to short-lived assets (servers, incl. GPUs and CPUs) that track AI and cloud revenue. Low end: short-lived share treated as mostly AI, sites as mostly non-AI. High end: most new data-centre sites also built for AI. Microsoft gives no AI split.", "evidence_urls": "https://www.microsoft.com/en-us/investor/events/fy-2027/earnings-fy-2027-q1" }, { "ticker": "GOOGL", "low_pct": "60", "high_pct": "85", "confidence": "medium", "method": "On its Q3 2026 call, Alphabet said the vast majority of its capex went on technical infrastructure to support AI, and that about 65% of that went on servers and networking and 35% on data centres (automatic transcript of the official webcast, one pass, not yet checked by ear). Low end: the servers-and-networking share less non-AI servers. High end: 85% is DailyAI's own assumption for 'vast majority'; Alphabet gave no percentage.", "evidence_urls": "https://www.youtube.com/watch?v=X9mmCagxJTo&t=1580s" }, { "ticker": "AMZN", "low_pct": "45", "high_pct": "70", "confidence": "low", "method": "Amazon's capex covers AWS plus fulfilment, transport and Kuiper satellites. It said 2026 spend is 'predominantly in AWS' but does not split AI from other AWS spend. Low end: AWS share less non-AI compute. High end: most AWS spend AI-related.", "evidence_urls": "https://ir.aboutamazon.com/quarterly-results/default.aspx" }, { "ticker": "META", "low_pct": "60", "high_pct": "85", "confidence": "medium", "method": "Meta says capex supports 'both our generative AI efforts and core business' and that servers include 'both non-AI and AI hardware'. Its ranking and recommendation systems are AI too; we count only generative-AI and AI-training capacity at the low end.", "evidence_urls": "https://investor.atmeta.com/financials/default.aspx" }, { "ticker": "ORCL", "low_pct": "60", "high_pct": "90", "confidence": "low", "method": "Oracle's capex is almost all OCI data centres and equipment, and its contract backlog growth is dominated by AI training and inference contracts. Oracle gives no AI split; the range is wide on purpose.", "evidence_urls": "https://investor.oracle.com/financial-reporting/quarterly-results/default.aspx" }, { "ticker": "AAPL", "low_pct": "10", "high_pct": "30", "confidence": "low", "method": "Apple's capex mostly funds manufacturing tooling, retail and corporate facilities, and data centres (incl. Private Cloud Compute servers for Apple Intelligence). No AI split disclosed.", "evidence_urls": "https://investor.apple.com/sec-filings/default.aspx" }, { "ticker": "NVDA", "low_pct": "20", "high_pct": "50", "confidence": "low", "method": "NVIDIA's own capex (not its sales) covers offices, labs and its in-house research and DGX Cloud compute. No AI split disclosed; the range is a judgement.", "evidence_urls": "https://investor.nvidia.com/financial-info/sec-filings/default.aspx" }, { "ticker": "TSM", "low_pct": "50", "high_pct": "75", "confidence": "medium", "method": "Proxy: TSMC's high-performance-computing platform share of revenue (its quarterly management report), which is mainly AI accelerators and server CPUs on advanced nodes. Capacity also serves smartphones and other platforms.", "evidence_urls": "https://investor.tsmc.com/english/quarterly-results" }, { "ticker": "BABA", "low_pct": "70", "high_pct": "90", "confidence": "medium", "method": "Alibaba says its capex goes to cloud and AI infrastructure under its three-year plan, and its Aug 2026 release links the rise to CPU compute for AI agents and chip prices. Some spend serves non-AI cloud and commerce.", "evidence_urls": "https://www.sec.gov/Archives/edgar/data/1577552/000110465926099220/tm2623667d1_ex99-1.htm" }, { "ticker": "TCEHY", "low_pct": "60", "high_pct": "85", "confidence": "medium", "method": "Tencent's releases describe capex payments as 'primarily to support our AI initiatives'. The rest serves games, social and non-AI cloud.", "evidence_urls": "https://static.www.tencent.com/uploads/2026/05/13/59cf8219adbb046153f69387479350ac.pdf" }, { "ticker": "BIDU", "low_pct": "50", "high_pct": "80", "confidence": "low", "method": "Baidu's capex funds AI Cloud and Ernie model compute plus iQIYI and other businesses. No AI split disclosed.", "evidence_urls": "https://ir.baidu.com/financial-information" }, { "ticker": "CRWV", "low_pct": "90", "high_pct": "100", "confidence": "high", "method": "CoreWeave is a GPU cloud; capex is GPUs, networking and data centres for AI workloads.", "evidence_urls": "https://investors.coreweave.com/" }, { "ticker": "NBIS", "low_pct": "90", "high_pct": "100", "confidence": "high", "method": "Nebius's capex is GPUs, GPU-related hardware and data-centre build-out for its AI cloud.", "evidence_urls": "https://www.sec.gov/Archives/edgar/data/1513845/000110465926094568/tm2622968d1_ex99-2.htm" }, { "ticker": "XAI", "low_pct": "85", "high_pct": "100", "confidence": "medium", "method": "SpaceX's SI segment (formerly AI) is xAI's Colossus compute plus X and, from Q3 2026, Cursor. Most segment capex is AI compute; X platform spend is the main non-AI part.", "evidence_urls": "https://www.sec.gov/Archives/edgar/data/1181412/000162828026066880/spcx-20260930.htm" } ], "guidance": [ { "id": "G-1", "company": "Alphabet", "date": "2026-02-04", "speaker": "Sundar Pichai, CEO", "quote": "To meet customer demand and capitalize on the growing opportunities we have ahead of us, our 2026 CapEx investments are anticipated to be in the range of $175 to $185 billion.", "context_preceding_sentence": "", "period_covered": "CY2026", "basis": "cash, gross", "source_url": "https://www.sec.gov/Archives/edgar/data/1652044/000165204426000012/googexhibit991q42025.htm", "source_type": "8-K Ex.99.1 earnings release", "status": "reported" }, { "id": "G-2", "company": "Alphabet", "date": "2025-10-29", "speaker": "company release", "quote": "With the growth across our business and demand from Cloud customers, we now expect 2025 capital expenditures to be in a range of $91 billion to $93 billion.", "context_preceding_sentence": "", "period_covered": "CY2025", "basis": "cash, gross", "source_url": "https://www.sec.gov/Archives/edgar/data/1652044/000165204425000087/googexhibit991q32025.htm", "source_type": "8-K Ex.99.1 earnings release", "status": "reported" }, { "id": "G-3", "company": "Alphabet", "date": "2025-02-04", "speaker": "Sundar Pichai, CEO", "quote": "We are confident about the opportunities ahead, and to accelerate our progress, we expect to invest approximately $75 billion in capital expenditures in 2025.", "context_preceding_sentence": "", "period_covered": "CY2025", "basis": "cash, gross", "source_url": "https://www.sec.gov/Archives/edgar/data/1652044/000165204425000010/googexhibit991q42024.htm", "source_type": "8-K Ex.99.1 earnings release", "status": "reported" }, { "id": "G-4", "company": "Amazon", "date": "2026-02-05", "speaker": "Andy Jassy, CEO", "quote": "\u201cWith such strong demand for our existing offerings and seminal opportunities like AI, chips, robotics, and low earth orbit satellites, we expect to invest about $200 billion in capital expenditures across Amazon in 2026, and anticipate strong long-term return on invested capital.\u201d", "context_preceding_sentence": "", "period_covered": "CY2026", "basis": "cash capex, net of proceeds and incentives", "source_url": "https://www.sec.gov/Archives/edgar/data/1018724/000101872426000002/amzn-20251231xex991.htm", "source_type": "8-K Ex.99.1 earnings release", "status": "reported" }, { "id": "G-5", "company": "Meta", "date": "2026-10-21", "speaker": "company release (CFO Outlook Commentary section)", "quote": "We anticipate 2026 capital expenditures, including principal payments on finance leases, to be in the range of $135-145 billion, narrowed from our prior outlook of $130-145 billion.", "context_preceding_sentence": "", "period_covered": "CY2026", "basis": "cash + finance-lease principal payments", "source_url": "https://www.sec.gov/Archives/edgar/data/1326801/000162828026066700/meta-09302026xexhibit991.htm", "source_type": "8-K Ex.99.1 earnings release", "status": "reported" }, { "id": "G-6", "company": "Meta", "date": "2026-07-29", "speaker": "company release (CFO Outlook Commentary section)", "quote": "We anticipate 2026 capital expenditures, including principal payments on finance leases, to be in the range of $130-145 billion, narrowed from our prior outlook of $125-145 billion.", "context_preceding_sentence": "", "period_covered": "CY2026", "basis": "cash + finance-lease principal payments", "source_url": "https://www.sec.gov/Archives/edgar/data/1326801/000162828026050596/meta-06302026xexhibit991.htm", "source_type": "8-K Ex.99.1 earnings release", "status": "reported" }, { "id": "G-7", "company": "Meta", "date": "2026-04-29", "speaker": "company release (CFO Outlook Commentary section)", "quote": "We anticipate 2026 capital expenditures, including principal payments on finance leases, to be in the range of $125-145 billion, increased from our prior range of $115-135 billion.", "context_preceding_sentence": "", "period_covered": "CY2026", "basis": "cash + finance-lease principal payments", "source_url": "https://www.sec.gov/Archives/edgar/data/1326801/000162828026028364/meta-03312026xexhibit991.htm", "source_type": "8-K Ex.99.1 earnings release", "status": "reported" }, { "id": "G-8", "company": "Meta", "date": "2026-01-28", "speaker": "company release (CFO Outlook Commentary section)", "quote": "We anticipate 2026 capital expenditures, including principal payments on finance leases, to be in the range of $115-135 billion, with year-over-year growth driven by increased investment to support our Meta Superintelligence Labs efforts and core business.", "context_preceding_sentence": "", "period_covered": "CY2026", "basis": "cash + finance-lease principal payments", "source_url": "https://www.sec.gov/Archives/edgar/data/1326801/000162828026003832/meta-12312025xexhibit991.htm", "source_type": "8-K Ex.99.1 earnings release", "status": "reported" }, { "id": "G-9", "company": "Meta", "date": "2025-10-29", "speaker": "company release (CFO Outlook Commentary section)", "quote": "We currently expect 2025 capital expenditures, including principal payments on finance leases, to be in the range of $70-72 billion, increased from our prior outlook of $66-72 billion.", "context_preceding_sentence": "", "period_covered": "CY2025", "basis": "cash + finance-lease principal payments", "source_url": "https://www.sec.gov/Archives/edgar/data/1326801/000162828025047114/meta-09302025xexhibit991.htm", "source_type": "8-K Ex.99.1 earnings release", "status": "reported" }, { "id": "G-10", "company": "Meta", "date": "2025-10-29", "speaker": "company release (CFO Outlook Commentary section)", "quote": "As a result, our current expectation is that capital expenditures dollar growth will be notably larger in 2026 than 2025.", "context_preceding_sentence": "", "period_covered": "CY2026 (direction only)", "basis": "cash + finance-lease principal payments (Meta's reported capex definition; not restated in this sentence)", "source_url": "https://www.sec.gov/Archives/edgar/data/1326801/000162828025047114/meta-09302025xexhibit991.htm", "source_type": "8-K Ex.99.1 earnings release", "status": "reported" }, { "id": "G-11", "company": "Meta", "date": "2025-07-30", "speaker": "company release (CFO Outlook Commentary section)", "quote": "We currently expect 2025 capital expenditures, including principal payments on finance leases, to be in the range of $66-72 billion, narrowed from our prior outlook of $64-72 billion and up approximately $30 billion year-over-year at the mid-point.", "context_preceding_sentence": "", "period_covered": "CY2025", "basis": "cash + finance-lease principal payments", "source_url": "https://www.sec.gov/Archives/edgar/data/1326801/000162828025036719/meta-06302025xexhibit991.htm", "source_type": "8-K Ex.99.1 earnings release", "status": "reported" }, { "id": "G-12", "company": "Meta", "date": "2025-07-30", "speaker": "company release (CFO Outlook Commentary section)", "quote": "While the infrastructure planning process remains highly dynamic, we currently expect another year of similarly significant capital expenditures dollar growth in 2026 as we continue aggressively pursuing opportunities to bring additional capacity online to meet the needs of our artificial intelligence efforts and business operations.", "context_preceding_sentence": "", "period_covered": "CY2026 (direction only)", "basis": "cash + finance-lease principal payments (Meta's reported capex definition; not restated in this sentence)", "source_url": "https://www.sec.gov/Archives/edgar/data/1326801/000162828025036719/meta-06302025xexhibit991.htm", "source_type": "8-K Ex.99.1 earnings release", "status": "reported" }, { "id": "G-13", "company": "Meta", "date": "2025-04-30", "speaker": "company release (CFO Outlook Commentary section)", "quote": "We anticipate our full year 2025 capital expenditures, including principal payments on finance leases, will be in the range of $64-72 billion, increased from our prior outlook of $60-65 billion.", "context_preceding_sentence": "", "period_covered": "CY2025", "basis": "cash + finance-lease principal payments", "source_url": "https://www.sec.gov/Archives/edgar/data/1326801/000132680125000050/meta-03312025xexhibit991.htm", "source_type": "8-K Ex.99.1 earnings release", "status": "reported" }, { "id": "G-14", "company": "Meta", "date": "2025-01-29", "speaker": "company release (CFO Outlook Commentary section)", "quote": "We anticipate our full year 2025 capital expenditures will be in the range of $60-65 billion.", "context_preceding_sentence": "", "period_covered": "CY2025", "basis": "cash + finance-lease principal payments (Meta's reported capex definition; not restated in this sentence)", "source_url": "https://www.sec.gov/Archives/edgar/data/1326801/000132680125000014/meta-12312024xexhibit991.htm", "source_type": "8-K Ex.99.1 earnings release", "status": "reported" }, { "id": "G-15", "company": "Meta", "date": "2025-01-29", "speaker": "company release (CFO Outlook Commentary section)", "quote": "We expect capital expenditures growth in 2025 will be driven by increased investment to support both our generative AI efforts and core business.", "context_preceding_sentence": "", "period_covered": "CY2025 (direction only)", "basis": "cash + finance-lease principal payments (Meta's reported capex definition; not restated in this sentence)", "source_url": "https://www.sec.gov/Archives/edgar/data/1326801/000132680125000014/meta-12312024xexhibit991.htm", "source_type": "8-K Ex.99.1 earnings release", "status": "reported" }, { "id": "G-16", "company": "Meta", "date": "2024-10-30", "speaker": "company release (CFO Outlook Commentary section)", "quote": "We anticipate our full-year 2024 capital expenditures will be in the range of $38-40 billion, updated from our prior range of $37-40 billion.", "context_preceding_sentence": "", "period_covered": "CY2024", "basis": "cash + finance-lease principal payments (Meta's reported capex definition; not restated in this sentence)", "source_url": "https://www.sec.gov/Archives/edgar/data/1326801/000132680124000077/meta-09302024xexhibit991.htm", "source_type": "8-K Ex.99.1 earnings release", "status": "reported" }, { "id": "G-17", "company": "Meta", "date": "2024-10-30", "speaker": "company release (CFO Outlook Commentary section)", "quote": "We continue to expect significant capital expenditures growth in 2025.", "context_preceding_sentence": "", "period_covered": "CY2025 (direction only)", "basis": "cash + finance-lease principal payments (Meta's reported capex definition; not restated in this sentence)", "source_url": "https://www.sec.gov/Archives/edgar/data/1326801/000132680124000077/meta-09302024xexhibit991.htm", "source_type": "8-K Ex.99.1 earnings release", "status": "reported" }, { "id": "G-18", "company": "Meta", "date": "2024-07-31", "speaker": "company release (CFO Outlook Commentary section)", "quote": "We anticipate our full-year 2024 capital expenditures will be in the range of $37-40 billion, updated from our prior range of $35-40 billion.", "context_preceding_sentence": "", "period_covered": "CY2024", "basis": "cash + finance-lease principal payments (Meta's reported capex definition; not restated in this sentence)", "source_url": "https://www.sec.gov/Archives/edgar/data/1326801/000132680124000065/meta-06302024xexhibit991.htm", "source_type": "8-K Ex.99.1 earnings release", "status": "reported" }, { "id": "G-19", "company": "Meta", "date": "2024-07-31", "speaker": "company release (CFO Outlook Commentary section)", "quote": "While we continue to refine our plans for next year, we currently expect significant capital expenditures growth in 2025 as we invest to support our artificial intelligence research and product development efforts.", "context_preceding_sentence": "", "period_covered": "CY2025 (direction only)", "basis": "cash + finance-lease principal payments (Meta's reported capex definition; not restated in this sentence)", "source_url": "https://www.sec.gov/Archives/edgar/data/1326801/000132680124000065/meta-06302024xexhibit991.htm", "source_type": "8-K Ex.99.1 earnings release", "status": "reported" }, { "id": "G-20", "company": "Meta", "date": "2024-04-24", "speaker": "company release (CFO Outlook Commentary section)", "quote": "We anticipate our full-year 2024 capital expenditures will be in the range of $35-40 billion, increased from our prior range of $30-37 billion as we continue to accelerate our infrastructure investments to support our artificial intelligence (AI) roadmap.", "context_preceding_sentence": "", "period_covered": "CY2024", "basis": "cash + finance-lease principal payments (Meta's reported capex definition; not restated in this sentence)", "source_url": "https://www.sec.gov/Archives/edgar/data/1326801/000132680124000044/meta-03312024xexhibit991.htm", "source_type": "8-K Ex.99.1 earnings release", "status": "reported" }, { "id": "G-21", "company": "Meta", "date": "2024-04-24", "speaker": "company release (CFO Outlook Commentary section)", "quote": "While we are not providing guidance for years beyond 2024, we expect capital expenditures will continue to increase next year as we invest aggressively to support our ambitious AI research and product development efforts.", "context_preceding_sentence": "", "period_covered": "CY2025 (direction only)", "basis": "cash + finance-lease principal payments (Meta's reported capex definition; not restated in this sentence)", "source_url": "https://www.sec.gov/Archives/edgar/data/1326801/000132680124000044/meta-03312024xexhibit991.htm", "source_type": "8-K Ex.99.1 earnings release", "status": "reported" }, { "id": "G-22", "company": "Meta", "date": "2024-02-01", "speaker": "company release (CFO Outlook Commentary section)", "quote": "We anticipate our full-year 2024 capital expenditures will be in the range of $30-37 billion, a $2 billion increase of the high end of our prior range.", "context_preceding_sentence": "", "period_covered": "CY2024", "basis": "cash + finance-lease principal payments (Meta's reported capex definition; not restated in this sentence)", "source_url": "https://www.sec.gov/Archives/edgar/data/1326801/000132680124000010/meta-12312023xexhibit991.htm", "source_type": "8-K Ex.99.1 earnings release", "status": "reported" }, { "id": "G-23", "company": "Meta", "date": "2023-10-25", "speaker": "company release (CFO Outlook Commentary section)", "quote": "We expect 2023 capital expenditures to be in the range of $27-29 billion, updated from our prior estimate of $27-30 billion.", "context_preceding_sentence": "", "period_covered": "CY2023", "basis": "cash + finance-lease principal payments (Meta's reported capex definition; not restated in this sentence)", "source_url": "https://www.sec.gov/Archives/edgar/data/1326801/000132680123000100/meta09302023-exhibit991.htm", "source_type": "8-K Ex.99.1 earnings release", "status": "reported" }, { "id": "G-24", "company": "Meta", "date": "2023-10-25", "speaker": "company release (CFO Outlook Commentary section)", "quote": "We anticipate our full-year 2024 capital expenditures will be in the range of $30-35 billion, with growth driven by investments in servers, including both non-artificial intelligence (AI) and AI hardware, and data centers as we ramp up construction on sites with the new data center architecture we announced late last year.", "context_preceding_sentence": "", "period_covered": "CY2024", "basis": "cash + finance-lease principal payments (Meta's reported capex definition; not restated in this sentence)", "source_url": "https://www.sec.gov/Archives/edgar/data/1326801/000132680123000100/meta09302023-exhibit991.htm", "source_type": "8-K Ex.99.1 earnings release", "status": "reported" }, { "id": "G-25", "company": "Meta", "date": "2023-07-26", "speaker": "company release (CFO Outlook Commentary section)", "quote": "We expect our full-year 2023 capital expenditures to be in the range of $27-30 billion, lowered from our prior estimate of $30-33 billion.", "context_preceding_sentence": "", "period_covered": "CY2023", "basis": "cash + finance-lease principal payments (Meta's reported capex definition; not restated in this sentence)", "source_url": "https://www.sec.gov/Archives/edgar/data/1326801/000132680123000089/meta06302023-exhibit991.htm", "source_type": "8-K Ex.99.1 earnings release", "status": "reported" }, { "id": "G-26", "company": "Meta", "date": "2023-07-26", "speaker": "company release (CFO Outlook Commentary section)", "quote": "Looking ahead, while we will continue to refine our plans as we progress throughout this year, we currently expect total capital expenditures to grow in 2024, driven by our investments across both data centers and servers, particularly in support of our AI work.", "context_preceding_sentence": "", "period_covered": "CY2024 (direction only)", "basis": "cash + finance-lease principal payments (Meta's reported capex definition; not restated in this sentence)", "source_url": "https://www.sec.gov/Archives/edgar/data/1326801/000132680123000089/meta06302023-exhibit991.htm", "source_type": "8-K Ex.99.1 earnings release", "status": "reported" }, { "id": "G-27", "company": "Meta", "date": "2023-04-26", "speaker": "company release (CFO Outlook Commentary section)", "quote": "We expect capital expenditures to be in the range of $30-33 billion, unchanged from our prior estimate.", "context_preceding_sentence": "", "period_covered": "CY2023", "basis": "cash + finance-lease principal payments (Meta's reported capex definition; not restated in this sentence)", "source_url": "https://www.sec.gov/Archives/edgar/data/1326801/000132680123000063/meta03312023-exhibit991.htm", "source_type": "8-K Ex.99.1 earnings release", "status": "reported" }, { "id": "G-28", "company": "Meta", "date": "2023-02-01", "speaker": "company release (CFO Outlook Commentary section)", "quote": "We expect capital expenditures to be in the range of $30-33 billion, lowered from our prior estimate of $34-37 billion.", "context_preceding_sentence": "", "period_covered": "CY2023", "basis": "cash + finance-lease principal payments (Meta's reported capex definition; not restated in this sentence)", "source_url": "https://www.sec.gov/Archives/edgar/data/1326801/000132680123000008/meta-12312022xexhibit991.htm", "source_type": "8-K Ex.99.1 earnings release", "status": "reported" }, { "id": "G-29", "company": "Oracle", "date": "2026-03-10", "speaker": "company release", "quote": "For fiscal year 2026, we expect revenue of $67 billion and capital expenditures of $50 billion. This is unchanged from our most recent previous guidance.", "context_preceding_sentence": "", "period_covered": "FY2026", "basis": "cash, gross as far as can be told (basis not stated in the release; Oracle first published its net measure on 10 Jun 2026; FY26 gross actual $55.7B, net $47.7B)", "source_url": "https://www.sec.gov/Archives/edgar/data/1341439/000119312526100148/orcl-ex99_1.htm", "source_type": "8-K Ex.99.1 earnings release", "status": "reported" }, { "id": "G-30", "company": "Microsoft", "date": "2023-04-25", "speaker": "Amy Hood, CFO", "quote": "We expect capital expenditures to have a material sequential increase on a dollar basis driven by investments in Azure AI infrastructure.", "context_preceding_sentence": "", "period_covered": "FY23 Q4 (CY2023-Q2) (direction only)", "basis": "includes finance leases", "source_url": "https://www.microsoft.com/en-us/investor/events/fy-2023/earnings-fy-2023-q3", "source_type": "earnings call transcript (Microsoft IR)", "status": "reported" }, { "id": "G-31", "company": "Microsoft", "date": "2023-07-25", "speaker": "Amy Hood, CFO", "quote": "We expect capital expenditures to increase sequentially each quarter through the year as we scale to meet demand signals.", "context_preceding_sentence": "", "period_covered": "FY24 (Jul 2023-Jun 2024) (direction only)", "basis": "includes finance leases", "source_url": "https://www.microsoft.com/en-us/investor/events/fy-2023/earnings-fy-2023-q4", "source_type": "earnings call transcript (Microsoft IR)", "status": "reported" }, { "id": "G-32", "company": "Microsoft", "date": "2023-07-25", "speaker": "Amy Hood, CFO", "quote": "We expect capital expenditures to increase sequentially on a dollar basis, as noted earlier, driven by investments in our AI infrastructure.", "context_preceding_sentence": "", "period_covered": "FY24 Q1 (CY2023-Q3) (direction only)", "basis": "includes finance leases", "source_url": "https://www.microsoft.com/en-us/investor/events/fy-2023/earnings-fy-2023-q4", "source_type": "earnings call transcript (Microsoft IR)", "status": "reported" }, { "id": "G-33", "company": "Microsoft", "date": "2023-10-24", "speaker": "Amy Hood, CFO", "quote": "We expect capital expenditures to increase sequentially on a dollar basis driven by investments in our cloud and AI infrastructure.", "context_preceding_sentence": "", "period_covered": "FY24 Q2 (CY2023-Q4) (direction only)", "basis": "includes finance leases", "source_url": "https://www.microsoft.com/en-us/investor/events/fy-2024/earnings-fy-2024-q1", "source_type": "earnings call transcript (Microsoft IR)", "status": "reported" }, { "id": "G-34", "company": "Microsoft", "date": "2024-01-30", "speaker": "Amy Hood, CFO", "quote": "We expect capital expenditures to increase materially on a sequential basis driven by investments in our cloud and AI infrastructure and the slip of a delivery date from Q2 to Q3 from a third-party provider noted earlier.", "context_preceding_sentence": "", "period_covered": "FY24 Q3 (CY2024-Q1) (direction only)", "basis": "includes finance leases", "source_url": "https://www.microsoft.com/en-us/investor/events/fy-2024/earnings-fy-2024-q2", "source_type": "earnings call transcript (Microsoft IR)", "status": "reported" }, { "id": "G-35", "company": "Microsoft", "date": "2024-04-25", "speaker": "Amy Hood, CFO", "quote": "We expect capital expenditures to increase materially on a sequential basis driven by cloud and AI infrastructure investments.", "context_preceding_sentence": "", "period_covered": "FY24 Q4 (CY2024-Q2) (direction only)", "basis": "includes finance leases", "source_url": "https://www.microsoft.com/en-us/investor/events/fy-2024/earnings-fy-2024-q3", "source_type": "earnings call transcript (Microsoft IR)", "status": "reported" }, { "id": "G-36", "company": "Microsoft", "date": "2024-04-25", "speaker": "Amy Hood, CFO", "quote": "To scale to meet the growing demand 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"G-38", "company": "Microsoft", "date": "2024-07-30", "speaker": "Amy Hood, CFO", "quote": "We expect capital expenditures to increase on a sequential basis given our cloud and AI demand, as well as existing AI capacity constraints.", "context_preceding_sentence": "", "period_covered": "FY25 Q1 (CY2024-Q3) (direction only)", "basis": "includes finance leases", "source_url": "https://www.microsoft.com/en-us/investor/events/fy-2024/earnings-fy-2024-q4", "source_type": "earnings call transcript (Microsoft IR)", "status": "reported" }, { "id": "G-39", "company": "Microsoft", "date": "2024-10-30", "speaker": "Amy Hood, CFO", "quote": "We expect capital expenditures to increase on a sequential basis given our cloud and AI demand signals.", "context_preceding_sentence": "", "period_covered": "FY25 Q2 (CY2024-Q4) (direction only)", "basis": "includes finance leases", "source_url": "https://www.microsoft.com/en-us/investor/events/fy-2025/earnings-fy-2025-q1", "source_type": "earnings call transcript (Microsoft IR)", "status": "reported" }, { "id": "G-40", "company": "Microsoft", "date": "2025-01-29", "speaker": "Amy Hood, CFO", "quote": "We expect quarterly spend in Q3 and Q4 to remain at similar levels as our Q2 spend.", "context_preceding_sentence": "", "period_covered": "FY25 Q3-Q4 (CY2025-H1) (direction only)", "basis": "includes finance leases", "source_url": "https://www.microsoft.com/en-us/investor/events/fy-2025/earnings-fy-2025-q2", "source_type": "earnings call transcript (Microsoft IR)", "status": "reported" }, { "id": "G-41", "company": "Microsoft", "date": "2025-01-29", "speaker": "Amy Hood, CFO", "quote": "However, the growth rate will be lower than FY25 and the mix of spend will begin to shift back to short-lived assets which are more correlated to revenue growth.", "context_preceding_sentence": "In FY26, we expect to continue investing against strong demand signals including customer contracted backlog we need to deliver against across the entirety of our Microsoft Cloud.", "period_covered": "FY26 (Jul 2025-Jun 2026) (direction only)", "basis": "includes finance leases", "source_url": "https://www.microsoft.com/en-us/investor/events/fy-2025/earnings-fy-2025-q2", "source_type": "earnings call transcript (Microsoft IR)", "status": "reported" }, { "id": "G-42", "company": "Microsoft", "date": "2025-04-30", "speaker": "Amy Hood, CFO", "quote": "We expect Q4 capital expenditures to increase on a sequential basis.", "context_preceding_sentence": "", "period_covered": "FY25 Q4 (CY2025-Q2) (direction only)", "basis": "includes finance leases", "source_url": "https://www.microsoft.com/en-us/investor/events/fy-2025/earnings-fy-2025-q3", "source_type": "earnings call transcript (Microsoft IR)", "status": "reported" }, { "id": "G-43", "company": "Microsoft", "date": "2025-04-30", "speaker": "Amy Hood, CFO", "quote": "We expect capex to grow, it will grow at a lower rate than FY25 and will include a greater mix of short-lived assets which are more directly correlated to revenue than long-lived assets.", "context_preceding_sentence": "", "period_covered": "FY26 (Jul 2025-Jun 2026) (direction only)", "basis": "includes finance leases", "source_url": "https://www.microsoft.com/en-us/investor/events/fy-2025/earnings-fy-2025-q3", "source_type": "earnings call transcript (Microsoft IR)", "status": "reported" }, { "id": "G-44", "company": "Microsoft", "date": "2025-07-30", "speaker": "Amy Hood, CFO", "quote": "Capital expenditure growth, as we shared last quarter, will moderate compared to FY25 with a greater mix of short-lived assets.", "context_preceding_sentence": "", "period_covered": "FY26 (Jul 2025-Jun 2026) (direction only)", "basis": "includes finance leases", "source_url": "https://www.microsoft.com/en-us/investor/events/fy-2025/earnings-fy-2025-q4", "source_type": "earnings call transcript (Microsoft IR)", "status": "reported" }, { "id": "G-45", "company": "Microsoft", "date": "2025-07-30", "speaker": "Amy Hood, CFO", "quote": "We expect Q1 capital expenditures to be over $30 billion driven by the continued strong demand signals we see.", "context_preceding_sentence": "", "period_covered": "FY26 Q1 (CY2025-Q3)", "basis": "includes finance leases", "source_url": "https://www.microsoft.com/en-us/investor/events/fy-2025/earnings-fy-2025-q4", "source_type": "earnings call transcript (Microsoft IR)", "status": "reported" }, { "id": "G-46", "company": "Microsoft", "date": "2025-10-29", "speaker": "Amy Hood, CFO", "quote": "Therefore, total spend will increase sequentially, and we now expect the FY26 growth rate to be higher than FY25.", "context_preceding_sentence": "With accelerating demand and a growing RPO balance, we\u2019re increasing our spend on GPUs and CPUs.", "period_covered": "FY26 (Jul 2025-Jun 2026) and FY26 Q2 (direction only)", "basis": "includes finance leases", "source_url": "https://www.microsoft.com/en-us/investor/events/fy-2026/earnings-fy-2026-q1", "source_type": "earnings call transcript (Microsoft IR)", "status": "reported" }, { "id": "G-47", "company": "Microsoft", "date": "2026-01-28", "speaker": "Amy Hood, CFO", "quote": "Next, we expect capital expenditures to decrease on a sequential basis due to the normal variability from cloud infrastructure buildouts and the timing of delivery of finance leases.", "context_preceding_sentence": "", "period_covered": "FY26 Q3 (CY2026-Q1) (direction only)", "basis": "includes finance leases", "source_url": "https://www.microsoft.com/en-us/investor/events/fy-2026/earnings-fy-2026-q2", "source_type": "earnings call transcript (Microsoft IR)", "status": "reported" }, { "id": "G-48", "company": "Microsoft", "date": "2026-04-29", "speaker": "Amy Hood, CFO", "quote": "We expect CapEx spend to increase to over $40 billion as we continue to bring more capacity online.", "context_preceding_sentence": "", "period_covered": "FY26 Q4 (CY2026-Q2)", "basis": "includes finance leases", "source_url": "https://www.microsoft.com/en-us/investor/events/fy-2026/earnings-fy-2026-q3", "source_type": "earnings call transcript (Microsoft IR)", "status": "reported" }, { "id": "G-49", "company": "Microsoft", "date": "2026-04-29", "speaker": "Amy Hood, CFO", "quote": "For calendar year 2026, we expect to invest roughly $190 billion in capital expenditures which includes approximately $25 billion from the impact of higher component pricing.", "context_preceding_sentence": "", "period_covered": "CY2026", "basis": "includes finance leases", "source_url": "https://www.microsoft.com/en-us/investor/events/fy-2026/earnings-fy-2026-q3", "source_type": "earnings call transcript (Microsoft IR)", "status": "reported" }, { "id": "G-50", "company": "Microsoft", "date": "2026-07-29", "speaker": "Amy Hood, CFO", "quote": "Outside of this useful life impact, our calendar year 2026 CapEx investment expectations remain unchanged. However, the shift from finance to operating leases adjusts our expectation to approximately $175 billion.", "context_preceding_sentence": "Finance leases are included in capital expenditures while operating leases are not.", "period_covered": "CY2026", "basis": "includes finance leases", "source_url": "https://www.microsoft.com/en-us/investor/events/fy-2026/earnings-fy-2026-q4", "source_type": "earnings call transcript (Microsoft IR)", "status": "reported" }, { "id": "G-51", "company": "Microsoft", "date": "2026-07-29", "speaker": "Amy Hood, CFO", "quote": "And we expect FY27 capital expenditures will grow year-over-year given demand signals across our portfolio.", "context_preceding_sentence": "", "period_covered": "FY27 (Jul 2026-Jun 2027) (direction only)", "basis": "includes finance leases", "source_url": "https://www.microsoft.com/en-us/investor/events/fy-2026/earnings-fy-2026-q4", "source_type": "earnings call transcript (Microsoft IR)", "status": "reported" }, { "id": "G-52", "company": "Microsoft", "date": "2026-07-29", "speaker": "Amy Hood, CFO", "quote": "We expect CapEx spend will be over $50 billion including the lease reclassification impact from the useful life update.", "context_preceding_sentence": "Next, capital expenditures.", "period_covered": "FY27 Q1 (CY2026-Q3)", "basis": "includes finance leases", "source_url": "https://www.microsoft.com/en-us/investor/events/fy-2026/earnings-fy-2026-q4", "source_type": "earnings call transcript (Microsoft IR)", "status": "reported" }, { "id": "G-53", "company": "Alphabet", "date": "2023-04-25", "speaker": "Ruth Porat, CFO", "quote": "Finally, as it relates to capex, for 2023 we now expect total capex to be modestly higher than in 2022.", "context_preceding_sentence": "", "period_covered": "CY2023 (direction only)", "basis": "cash, gross", "source_url": "https://abc.xyz/investor/events/event-details/2023/2023-Q1-Earnings-Call/", "source_type": "earnings call transcript (Alphabet IR)", "status": "reported" }, { "id": "G-54", "company": "Alphabet", "date": "2023-07-25", "speaker": "Ruth Porat, CFO", "quote": "We expect elevated levels of investment in our technical infrastructure, increasing through the back half of 2023 and continuing to grow in 2024.", "context_preceding_sentence": "", "period_covered": "CY2023 H2 and CY2024 (direction only)", "basis": "cash, gross", "source_url": "https://abc.xyz/investor/events/event-details/2023/2023-Q2-Earnings-Call/", "source_type": "earnings call transcript (Alphabet IR)", "status": "reported" }, { "id": "G-55", "company": "Alphabet", "date": "2023-10-24", "speaker": "Ruth Porat, CFO", "quote": "We continue to invest meaningfully in the technical infrastructure needed to support the opportunities we see in AI across Alphabet and expect elevated levels of investment, increasing in the fourth quarter of 2023 and continuing to grow in 2024.", "context_preceding_sentence": "", "period_covered": "CY2023-Q4 and CY2024 (direction only)", "basis": "cash, gross", "source_url": "https://abc.xyz/investor/events/event-details/2023/2023-Q3-Earnings-Call/", "source_type": "earnings call transcript (Alphabet IR)", "status": "reported" }, { "id": "G-56", "company": "Alphabet", "date": "2024-01-30", "speaker": "Ruth Porat, CFO", "quote": "In 2024, we expect investment in CapEx will be notably larger than in 2023.", "context_preceding_sentence": "", "period_covered": "CY2024 (direction only)", "basis": "cash, gross", "source_url": "https://abc.xyz/investor/events/event-details/2024/2023-Q4-Earnings-Call/", "source_type": "earnings call transcript (Alphabet IR)", "status": "reported" }, { "id": "G-57", "company": "Alphabet", "date": "2024-04-25", "speaker": "Ruth Porat, CFO", "quote": "Looking ahead, we expect quarterly CapEx throughout the year to be roughly at or above the Q1 level, keeping in mind that the timing of cash payments can cause variability in quarterly reported CapEx.", "context_preceding_sentence": "", "period_covered": "CY2024 quarterly (\u2265 Q1 $12.0B)", "basis": "cash, gross", "source_url": "https://abc.xyz/investor/events/event-details/2024/2024-Q1-Earnings-Call/", "source_type": "earnings call transcript (Alphabet IR)", "status": "reported" }, { "id": "G-58", "company": "Alphabet", "date": "2024-07-23", "speaker": "Ruth Porat, CFO", "quote": "Looking ahead, we continue to expect quarterly CapEx throughout the year to be roughly at or above the Q1 CapEx of $12 billion, keeping in mind that the timing of cash payments can cause variability in quarterly reported CapEx.", "context_preceding_sentence": "", "period_covered": "CY2024 quarterly", "basis": "cash, gross", "source_url": "https://abc.xyz/investor/events/event-details/2024/2024-Q2-Earnings-Call/", "source_type": "earnings call transcript (Alphabet IR)", "status": "reported" }, { "id": "G-59", "company": "Alphabet", "date": "2024-10-29", "speaker": "Anat Ashkenazi, CFO", "quote": "Looking ahead, we expect quarterly CapEx in the fourth quarter to be at similar levels to Q3, keeping in mind that the timing of cash payments can cause variability in quarterly reported CapEx.", "context_preceding_sentence": "", "period_covered": "CY2024-Q4 (\u2248 Q3 level)", "basis": "cash, gross", "source_url": "https://abc.xyz/investor/events/event-details/2024/2024-Q3-Earnings-Call/", "source_type": "earnings call transcript (Alphabet IR)", "status": "reported" }, { "id": "G-60", "company": "Alphabet", "date": "2025-02-04", "speaker": "Anat Ashkenazi, CFO", "quote": "We expect to invest approximately $75 billion in CapEx in 2025, with approximately $16 billion to $18 billion of that in the first quarter.", "context_preceding_sentence": "", "period_covered": "CY2025 and CY2025-Q1", "basis": "cash, gross", "source_url": "https://abc.xyz/investor/events/event-details/2025/2024-Q4-Earnings-Call/", "source_type": "earnings call transcript (Alphabet IR)", "status": "reported" }, { "id": "G-61", "company": "Alphabet", "date": "2025-04-24", "speaker": "Anat Ashkenazi, CFO", "quote": "We still expect to invest approximately $75 billion in CapEx this year.", "context_preceding_sentence": "", "period_covered": "CY2025", "basis": "cash, gross", "source_url": "https://abc.xyz/investor/events/event-details/2025/2025-Q1-Earnings-Call/", "source_type": "earnings call transcript (Alphabet IR)", "status": "reported" }, { "id": "G-62", "company": "Alphabet", "date": "2025-07-23", "speaker": "Anat Ashkenazi, CFO", "quote": "Moving to investments, given the strong demand for our Cloud products and services, we now expect to invest approximately $85 billion in CapEx in 2025, up from a previous estimate of $75 billion.", "context_preceding_sentence": "", "period_covered": "CY2025", "basis": "cash, gross", "source_url": "https://abc.xyz/investor/events/event-details/2025/2025-Q2-Earnings-Call/", "source_type": "earnings call transcript (Alphabet IR)", "status": "reported" }, { "id": "G-63", "company": "Alphabet", "date": "2025-07-23", "speaker": "Anat Ashkenazi, CFO", "quote": "Looking out to 2026, we expect a further increase in CapEx due to the demand we\u2019re seeing from customers as well as growth opportunities across the company.", "context_preceding_sentence": "", "period_covered": "CY2026 (direction only)", "basis": "cash, gross", "source_url": "https://abc.xyz/investor/events/event-details/2025/2025-Q2-Earnings-Call/", "source_type": "earnings call transcript (Alphabet IR)", "status": "reported" }, { "id": "G-64", "company": "Alphabet", "date": "2025-10-29", "speaker": "Anat Ashkenazi, CFO", "quote": "We now expect CapEx to be in the range of $91 billion to $93 billion in 2025, up from our previous estimate of $85 billion, keeping in mind that the timing of cash payments can cause variability in the reported CapEx number.", "context_preceding_sentence": "", "period_covered": "CY2025", "basis": "cash, gross", "source_url": "https://abc.xyz/investor/events/event-details/2025/2025-Q3-Earnings-Call-2025-4OI4Bac_Q9/default.aspx", "source_type": "earnings call transcript (Alphabet IR)", "status": "reported" }, { "id": "G-65", "company": "Alphabet", "date": "2025-10-29", "speaker": "Anat Ashkenazi, CFO", "quote": "Looking out to 2026, we expect a significant increase in CapEx and will provide more detail on our fourth quarter earnings call.", "context_preceding_sentence": "", "period_covered": "CY2026 (direction only)", "basis": "cash, gross", "source_url": "https://abc.xyz/investor/events/event-details/2025/2025-Q3-Earnings-Call-2025-4OI4Bac_Q9/default.aspx", "source_type": "earnings call transcript (Alphabet IR)", "status": "reported" }, { "id": "G-66", "company": "Alphabet", "date": "2026-02-04", "speaker": "Anat Ashkenazi, CFO", "quote": "For the full year 2026, we expect CapEx to be in the range of $175 billion to $185 billion, with investments ramping over the course of the year.", "context_preceding_sentence": "", "period_covered": "CY2026", "basis": "cash, gross", "source_url": "https://abc.xyz/investor/events/event-details/2026/2025-Q4-Earnings-Call-2026-Dr_C033hS6/default.aspx", "source_type": "earnings call transcript (Alphabet IR)", "status": "reported" }, { "id": "G-67", "company": "Alphabet", "date": "2026-04-29", "speaker": "Anat Ashkenazi, CFO", "quote": "Moving to investment, we are updating our full year 2026 CapEx guidance range to $180 to $190 billion, up from our previous estimate of $175 to $185 billion, to now include investment related to the acquisition of Intersect, which closed in March.", "context_preceding_sentence": "", "period_covered": "CY2026", "basis": "cash, gross", "source_url": "https://abc.xyz/investor/events/event-details/2026/2026-Q1-Earnings-Call-2026-nW8kCrBAKS/default.aspx", "source_type": "earnings call transcript (Alphabet IR)", "status": "reported" }, { "id": "G-68", "company": "Alphabet", "date": "2026-04-29", "speaker": "Anat Ashkenazi, CFO", "quote": "As a result, we expect our 2027 CapEx to significantly increase compared to 2026.", "context_preceding_sentence": "", "period_covered": "CY2027 (direction only)", "basis": "cash, gross", "source_url": "https://abc.xyz/investor/events/event-details/2026/2026-Q1-Earnings-Call-2026-nW8kCrBAKS/default.aspx", "source_type": "earnings call transcript (Alphabet IR)", "status": "reported" }, { "id": "G-69", "company": "Alphabet", "date": "2026-07-22", "speaker": "Anat Ashkenazi, CFO", "quote": "Moving to investments, we are updating our full year 2026 CapEx guidance range to $195\u2011205 billion, up from our previous estimate of $180\u2011190 billion.", "context_preceding_sentence": "", "period_covered": "CY2026", "basis": "cash, gross", "source_url": "https://abc.xyz/investor/events/event-details/2026/2026-Q2-Earnings-Call-2026-GgTAq7Is0z/default.aspx", "source_type": "earnings call transcript (Alphabet IR)", "status": "reported" }, { "id": "G-70", "company": "Alphabet", "date": "2026-07-22", "speaker": "Anat Ashkenazi, CFO", "quote": "As we previously shared, we continue to expect our CapEx to increase significantly in 2027, and we'll provide more details at a later date.", "context_preceding_sentence": "", "period_covered": "CY2027 (direction only)", "basis": "cash, gross", "source_url": "https://abc.xyz/investor/events/event-details/2026/2026-Q2-Earnings-Call-2026-GgTAq7Is0z/default.aspx", "source_type": "earnings call transcript (Alphabet IR)", "status": "reported" }, { "id": "G-71", "company": "Alphabet", "date": "2023-02-02", "speaker": "Ruth Porat, CFO", "quote": "Turning to capex, for 2023 we expect total capex to be generally in line with 2022, with an increase in Technical Infrastructure versus a decline in office facilities.", "context_preceding_sentence": "", "period_covered": "CY2023 (direction only)", "basis": "cash, gross", "source_url": "https://abc.xyz/investor/events/event-details/2023/2022-Q4-Earnings-Call/", "source_type": "earnings call transcript (Alphabet IR)", "status": "reported" }, { "id": "G-72", "company": "Amazon", "date": "2026-07-30", "speaker": "Andy Jassy, CEO", "quote": "We now believe we will spend approximately $220 billion in cash CapEx in 2026", "context_preceding_sentence": "", "period_covered": "CY2026", "basis": "cash capex, net of proceeds and incentives", "source_url": "https://s2.q4cdn.com/299287126/files/doc_earnings/2026/q2/Amazon-Quarterly-Earnings-Report-Q2-2026-Full-Call-v1.mp3", "source_type": "earnings call webcast audio (Amazon IR), local machine transcript at 00:13:12; first clause only (rest of sentence, on memory costs raising it from ~$200B, paraphrased: two machine passes disagree on wording); machine transcript of Amazon webcast", "status": "reported" }, { "id": "G-73", "company": "Amazon", "date": "2023-04-27", "speaker": "Brian Olsavsky, CFO (inferred from call order)", "quote": "For the full year 2023, we expect capital investments to be lower than our $59 billion investment level in 2022, primarily driven by an expected year over year decrease in fulfillment network investments.", "context_preceding_sentence": "We define our capital investments as the combination of CapEx plus equipment finance leases.", "period_covered": "CY2023", "basis": "Amazon capital investments (incl. equipment finance leases); must not sit beside any rows.csv series", "source_url": "https://s2.q4cdn.com/299287126/files/doc_financials/2023/q1/Amazon-Quarterly-Earnings-Report-Q1-2023-Full-Call-v1.mp3", "source_type": "earnings call webcast audio (Amazon IR), local machine transcript at 00:08:44; machine transcript of Amazon webcast; two machine passes agree (main + raw/audio/win/verify.txt); main transcript dropped this sentence, text from verify window 510-570s", "status": "reported" }, { "id": "G-74", "company": "Amazon", "date": "2023-08-03", "speaker": "Brian Olsavsky, CFO (inferred from call order)", "quote": "Looking ahead to the full year 2023, we expect capital investments to be slightly more than $50 billion, compared to $59 billion in 2022.", "context_preceding_sentence": "These investments were $54 billion for the trailing 12 month period ended June 30th, down from 61 billion in the comparable prior year period.", "period_covered": "CY2023", "basis": "Amazon capital investments (incl. equipment finance leases); must not sit beside any rows.csv series", "source_url": "https://s2.q4cdn.com/299287126/files/doc_financials/2023/q2/Amazon-Quarterly-Earnings-Report-Q2-2023-Full-Call-v1.mp3", "source_type": "earnings call webcast audio (Amazon IR), local machine transcript at 00:21:21; machine transcript of Amazon webcast; confirmed by an independent medium.en pass (Cleo, 2026-10-27)", "status": "reported" }, { "id": "G-75", "company": "Amazon", "date": "2023-10-26", "speaker": "Brian Olsavsky, CFO (inferred from call order)", "quote": "For the full year 2023, we expect capital investments to be approximately $50 billion compared to $59 billion in 2022.", "context_preceding_sentence": "These investments were $50 billion for the trailing 12-month period ended September 30th, down from $60 billion in the comparable prior year period.", "period_covered": "CY2023", "basis": "Amazon capital investments (incl. equipment finance leases); must not sit beside any rows.csv series", "source_url": "https://s2.q4cdn.com/299287126/files/doc_financials/2023/q3/Amazon-_-Quarterly-Earnings-Call-2023-Q3-2.mp3", "source_type": "earnings call webcast audio (Amazon IR), local machine transcript at 00:22:49; machine transcript of Amazon webcast; two machine passes agree (both verify-window passes + raw/audio/win/verify.txt)", "status": "reported" }, { "id": "G-76", "company": "Amazon", "date": "2024-02-01", "speaker": "Brian Olsavsky, CFO (inferred from call order)", "quote": "CapEx will go up in 2024. I'm not giving a number today, but we're still working through plans for the year, but we do expect CapEx to rise", "context_preceding_sentence": "We anticipate those trends continuing into 2024.", "period_covered": "CY2024 (direction only)", "basis": "cash capex, net of proceeds and incentives", "source_url": "https://s2.q4cdn.com/299287126/files/doc_financials/2023/q4/Amazon-Earnings-Call-Q4-2023-Full-Call-v1.wav", "source_type": "earnings call webcast audio (Amazon IR), local machine transcript at 00:27:04; machine transcript of Amazon webcast; both verify-window passes agree; main transcript missed this answer", "status": "reported" }, { "id": "G-77", "company": "Amazon", "date": "2024-04-30", "speaker": "Brian Olsavsky, CFO (inferred from call order)", "quote": "We anticipate our overall capital expenditures to meaningfully increase year-over-year in 2024", "context_preceding_sentence": "It's still relatively early days in generative AI and more broadly the cloud space and we see sizable opportunity for growth.", "period_covered": "CY2024 (direction only)", "basis": "cash capex, net of proceeds and incentives", "source_url": "https://s2.q4cdn.com/299287126/files/doc_financials/2024/q1/Amazon-Earnings-Call-Q1-2024-Full-Call-v1.wav", "source_type": "earnings call webcast audio (Amazon IR), local machine transcript at 00:23:09; machine transcript of Amazon webcast; first clause only; passes disagree on the rest; \"capital\" unverifiable (an independent pass hears \"overall expenditures\"); listen at 23:12", "status": "reported" }, { "id": "G-78", "company": "Amazon", "date": "2024-04-30", "speaker": "Brian Olsavsky, CFO (inferred from call order)", "quote": "We expect that to be the low quarter for the year.", "context_preceding_sentence": "In Q1 we had $14 billion of CapEx.", "period_covered": "CY2024 (quarterly direction)", "basis": "cash capex, net of proceeds and incentives", "source_url": "https://s2.q4cdn.com/299287126/files/doc_financials/2024/q1/Amazon-Earnings-Call-Q1-2024-Full-Call-v1.wav", "source_type": "earnings call webcast audio (Amazon IR), local machine transcript at 00:27:06; machine transcript of Amazon webcast; two machine passes agree (main + raw/audio/win/verify.txt)", "status": "reported" }, { "id": "G-79", "company": "Amazon", "date": "2024-04-30", "speaker": "Brian Olsavsky, CFO (inferred from call order)", "quote": "We are, again, still anticipating a higher CAPEX this year.", "context_preceding_sentence": "So we feel good about the free cash flow.", "period_covered": "CY2024 (direction only)", "basis": "cash capex, net of proceeds and incentives", "source_url": "https://s2.q4cdn.com/299287126/files/doc_financials/2024/q1/Amazon-Earnings-Call-Q1-2024-Full-Call-v1.wav", "source_type": "earnings call webcast audio (Amazon IR), local machine transcript at 00:36:51; machine transcript of Amazon webcast; main transcript confirmed by an independent medium.en pass (Cleo, 2026-10-27)", "status": "reported" }, { "id": "G-80", "company": "Amazon", "date": "2024-08-01", "speaker": "Brian Olsavsky, CFO (inferred from call order)", "quote": "Looking ahead to the rest of 2024, we expect capital investments to be higher in the second half of the year.", "context_preceding_sentence": "For the first half of the year, CapEx was $30.5 billion.", "period_covered": "H2 2024 (direction only)", "basis": "Amazon capital investments (incl. equipment finance leases); must not sit beside any rows.csv series", "source_url": "https://s2.q4cdn.com/299287126/files/doc_financials/2024/q2/Amazon-Earnings-Call-Q2-2024-Full-Call-v1.wav", "source_type": "earnings call webcast audio (Amazon IR), local machine transcript at 00:21:44; machine transcript of Amazon webcast; two machine passes agree (main + raw/audio/win/verify.txt)", "status": "reported" }, { "id": "G-81", "company": "Amazon", "date": "2024-10-31", "speaker": "Brian Olsavsky, CFO (inferred from call order)", "quote": "We expect to spend approximately $75 billion in capex in 2024.", "context_preceding_sentence": "Year to date, capital investments were $51.9 billion.", "period_covered": "CY2024", "basis": "cash capex, net of proceeds and incentives (quote says \"capex\"; the sentence before it reports capital investments, which include equipment finance leases)", "source_url": "https://s2.q4cdn.com/299287126/files/doc_financials/2024/q3/Amazon-Quarterly-Earnings-Report-Q3-2024-Full-Call-v2.wav", "source_type": "earnings call webcast audio (Amazon IR), local machine transcript at 00:21:58; machine transcript of Amazon webcast; two machine passes agree (main + raw/audio/win/verify.txt)", "status": "reported" }, { "id": "G-82", "company": "Amazon", "date": "2024-10-31", "speaker": "Andy Jassy, CEO (inferred from call order)", "quote": "I suspect we'll spend more than that in 2025.", "context_preceding_sentence": "You know, as Brian said in his opening comments, we expect to spend about $75 billion in 2024.", "period_covered": "CY2025 (direction only)", "basis": "cash capex, net of proceeds and incentives", "source_url": "https://s2.q4cdn.com/299287126/files/doc_financials/2024/q3/Amazon-Quarterly-Earnings-Report-Q3-2024-Full-Call-v2.wav", "source_type": "earnings call webcast audio (Amazon IR), local machine transcript at 00:26:24; machine transcript of Amazon webcast; two machine passes agree (main + raw/audio/win/verify.txt)", "status": "reported" }, { "id": "G-83", "company": "Amazon", "date": "2025-02-06", "speaker": "Brian Olsavsky, CFO (inferred from call order)", "quote": "Capital investments were $26.3 billion in the fourth quarter, and we think that run rate will be reasonably representative of our 2025 capital investment rate.", "context_preceding_sentence": "As a reminder, we define these as the combination of cash capex plus equipment finance leases.", "period_covered": "CY2025", "basis": "Amazon capital investments (incl. equipment finance leases); must not sit beside any rows.csv series", "source_url": "https://s2.q4cdn.com/299287126/files/doc_financials/2024/q4/Amazon-Quarterly-Earnings-Report-Q4-2024-Full-Call-v1.wav", "source_type": "earnings call webcast audio (Amazon IR), local machine transcript at 00:22:39; machine transcript of Amazon webcast; two machine passes agree (main + raw/audio/win/verify.txt)", "status": "reported" }, { "id": "G-84", "company": "Amazon", "date": "2025-02-06", "speaker": "Andy Jassy, CEO (inferred from call order)", "quote": "And I think that is reasonably representative of what you can expect in [the] annualized CapEx rate in 2025.", "context_preceding_sentence": "On the CapEx side, as Brian mentioned earlier, we spent $26.3 billion in CapEx in Q4.", "period_covered": "CY2025", "basis": "Amazon capital investments (incl. equipment finance leases) (refers back to CFO figure); must not sit beside any rows.csv series", "source_url": "https://s2.q4cdn.com/299287126/files/doc_financials/2024/q4/Amazon-Quarterly-Earnings-Report-Q4-2024-Full-Call-v1.wav", "source_type": "earnings call webcast audio (Amazon IR), local machine transcript at 00:27:52; machine transcript of Amazon webcast; two machine passes agree (main + raw/audio/win/verify.txt); passes disagree on one word (\"the\"/\"an\"/none), bracketed; listen at 27:52", "status": "reported" }, { "id": "G-85", "company": "Amazon", "date": "2025-10-30", "speaker": "Brian Olsavsky, CFO (inferred from call order)", "quote": "Looking ahead, we expect our full-year cash capex to be approximately $125 billion in 2025, and we expect that amount will increase in 2026.", "context_preceding_sentence": "These investments will support growth for many years to come.", "period_covered": "CY2025; CY2026 (direction only)", "basis": "cash capex, net of proceeds and incentives", "source_url": "https://s2.q4cdn.com/299287126/files/doc_financials/2025/q3/Amazon-Quarterly-Earnings-Report-Q3-2025-Full-Call-v1.mp3", "source_type": "earnings call webcast audio (Amazon IR), local machine transcript at 00:24:23; machine transcript of Amazon webcast; \"and we expect that amount will increase in 2026\" in both verify passes; \"$125 billion in 2025\" clause confirmed by an independent large-v3 pass (Cleo, 2026-10-27)", "status": "reported" }, { "id": "G-86", "company": "Amazon", "date": "2026-02-05", "speaker": "Andy Jassy, CEO (inferred from call order)", "quote": "We expect to invest about $200 billion in capital expenditures across Amazon, but predominantly in AWS", "context_preceding_sentence": "And they're already making a big difference for customers.", "period_covered": "CY2026", "basis": "cash capex, net of proceeds and incentives (30 Jul 2026 call restates it as ~$200B cash capex)", "source_url": "https://s2.q4cdn.com/299287126/files/doc_financials/2025/q4/Amazon-Quarterly-Earnings-Report-Q4-2025-Full-Call-v1.mp3", "source_type": "earnings call webcast audio (Amazon IR), local machine transcript at 00:10:59; machine transcript of Amazon webcast; two machine passes agree (main + raw/audio/win/verify.txt)", "status": "reported" }, { "id": "G-87", "company": "Microsoft", "date": "2026-10-28", "speaker": "Amy Hood, CFO", "quote": "In Q2, we expect CapEx spend will be over $50 billion. Therefore, for the calendar year, spend should be approximately $170 billion due to the 3P capacity delays noted earlier.", "context_preceding_sentence": "Next, capital expenditures.", "period_covered": "FY27 Q2 (CY2026-Q4) and CY2026", "basis": "capex including finance leases (Microsoft call basis)", "source_url": "https://www.microsoft.com/en-us/investor/events/fy-2027/earnings-fy-2027-q1", "source_type": "earnings call transcript (Microsoft IR, TranscriptQandAFY27Q1.docx)", "status": "reported" }, { "id": "G-88", "company": "Microsoft", "date": "2026-10-28", "speaker": "Amy Hood, CFO", "quote": "In the second half of the fiscal year, we currently expect CapEx spend to accelerate primarily from CPUs, inclusive of higher memory and storage costs, and GPUs, as well as the 3P capacity deliveries that shifted to H2.", "context_preceding_sentence": "Therefore, for the calendar year, spend should be approximately $170 billion due to the 3P capacity delays noted earlier.", "period_covered": "FY27 H2 (CY2027 H1) (direction only)", "basis": "capex including finance leases (Microsoft call basis)", "source_url": "https://www.microsoft.com/en-us/investor/events/fy-2027/earnings-fy-2027-q1", "source_type": "earnings call transcript (Microsoft IR, TranscriptQandAFY27Q1.docx)", "status": "reported" }, { "id": "G-89", "company": "Alphabet", "date": "2026-10-28", "speaker": "Anat Ashkenazi, CFO", "quote": "Moving to investments, our full year 2026 CapEx guidance range of $195 billion to $205 billion remain unchanged.", "context_preceding_sentence": "We expect margin headwinds in the near term as we utilize this capacity.", "period_covered": "CY2026", "basis": "cash, gross", "source_url": "https://www.youtube.com/watch?v=X9mmCagxJTo&t=1918s", "source_type": "machine transcript of official Alphabet IR webcast (YouTube X9mmCagxJTo), passes 31:58\u201332:25; not human-verified; Alphabet PDF transcript not yet posted", "status": "reported" }, { "id": "G-90", "company": "Alphabet", "date": "2026-10-28", "speaker": "Anat Ashkenazi, CFO", "quote": "We continue to expect our CapEx to increase significantly in 2027 and will provide further details on our Q4 call.", "context_preceding_sentence": "Moving to investments, our full year 2026 CapEx guidance range of $195 billion to $205 billion remain unchanged.", "period_covered": "CY2027 (direction only)", "basis": "cash, gross", "source_url": "https://www.youtube.com/watch?v=X9mmCagxJTo&t=1918s", "source_type": "machine transcript of official Alphabet IR webcast (YouTube X9mmCagxJTo), passes 31:58\u201332:25; not human-verified; Alphabet PDF transcript not yet posted", "status": "reported" }, { "id": "G-91", "company": "TSMC", "date": "2026-10-15", "speaker": "Wendell Huang, CFO", "quote": "Given the continued robust multiyear demand from our customers, including the emerging agentic AI market, we reiterate our full year 2026 capital budget to be between USD60 billion and USD64 billion.", "context_preceding_sentence": "At TSMC, a higher level of capital expenditures is always correlated with higher growth opportunities in the following years.", "period_covered": "CY2026", "basis": "TSMC capital budget, US$ (cash capex in NT$ converted by TSMC)", "source_url": "https://investor.tsmc.com/english/encrypt/files/encrypt_file/reports/2026-10/eba4fac72873bf546b669bd2b5d973df5c93215d/TSMC%203Q26%20Transcript.pdf", "source_type": "earnings call transcript (TSMC IR)", "status": "reported" }, { "id": "G-92", "company": "TSMC", "date": "2026-10-15", "speaker": "Wendell Huang, CFO", "quote": "We continue to expect our CapEx dollars investment from 2026 to 2028 and to be even more significantly higher than the past three years, as we continue to invest heavily to support our customers' growth.", "context_preceding_sentence": "we reiterate our full year 2026 capital budget to be between USD60 billion and USD64 billion.", "period_covered": "CY2026-2028 (direction only)", "basis": "TSMC capital budget, US$", "source_url": "https://investor.tsmc.com/english/encrypt/files/encrypt_file/reports/2026-10/eba4fac72873bf546b669bd2b5d973df5c93215d/TSMC%203Q26%20Transcript.pdf", "source_type": "earnings call transcript (TSMC IR)", "status": "reported" }, { "id": "G-93", "company": "CoreWeave", "date": "2026-08-11", "speaker": "CoreWeave (company presentation)", "quote": "FY'26 Guidance: Capital Expenditures $35 \u2013 39 billion", "context_preceding_sentence": "Q3'26 Guidance: Capital Expenditures $11.5 \u2013 13.5 billion", "period_covered": "CY2026", "basis": "CoreWeave-defined capital expenditures (company presentation; may differ from cash purchases of P&E)", "source_url": "https://s205.q4cdn.com/133937190/files/doc_financials/2026/q2/CoreWeave-Q2-26-Earnings-Outlook-Presentation.pdf", "source_type": "earnings outlook presentation (CoreWeave IR); quote rebuilt from table cells (header: line item value), NOT verbatim", "status": "reported" }, { "id": "G-94", "company": "CoreWeave", "date": "2026-08-11", "speaker": "CoreWeave (company presentation)", "quote": "Q3'26 Guidance: Capital Expenditures $11.5 \u2013 13.5 billion", "context_preceding_sentence": "", "period_covered": "CY2026-Q3", "basis": "CoreWeave-defined capital expenditures (company presentation; may differ from cash purchases of P&E)", "source_url": "https://s205.q4cdn.com/133937190/files/doc_financials/2026/q2/CoreWeave-Q2-26-Earnings-Outlook-Presentation.pdf", "source_type": "earnings outlook presentation (CoreWeave IR); quote rebuilt from table cells (header: line item value), NOT verbatim", "status": "reported" }, { "id": "G-95", "company": "Alibaba", "date": "2025-02-24", "speaker": "Alibaba Group (company announcement)", "quote": "Alibaba Group Holding Limited \u2026 announced plans to invest at least RMB380 billion (US$53 billion) over the next three years to advance its cloud computing and AI infrastructure", "context_preceding_sentence": "Alibaba to Invest RMB380 billion in AI and Cloud Infrastructure Over Next Three Years", "period_covered": "three years from Feb 2025 (cumulative)", "basis": "3-year plan: at least RMB380B (US$53B) cloud and AI infrastructure investment over three years from Feb 2025, cumulative; not annual capex, not total capex; never annualise or compare like-for-like with annual figures", "source_url": "https://www.sec.gov/Archives/edgar/data/1577552/000110465925016348/tm257405d1_ex99-1.htm", "source_type": "Form 6-K exhibit 99.1 (also HKEX voluntary announcement); 3-year plan, not annual", "status": "reported" }, { "id": "G-96", "company": "Amazon", "date": "2026-10-29", "speaker": "company release (guidance section)", "quote": "We continue to expect 2026 cash capital expenditures to be approximately $220 billion.", "context_preceding_sentence": "Operating income is expected to be between $28.5 billion and $33.5 billion, compared with $25.0 billion in fourth quarter 2025.", "period_covered": "CY2026", "basis": "cash capex, net of proceeds and incentives", "source_url": "https://www.sec.gov/Archives/edgar/data/1018724/000101872426000038/amzn-20260930xex991.htm", "source_type": "earnings release (SEC 8-K Ex. 99.1)", "status": "reported" } ], "private_lab_commitments": [ { "lab": "OpenAI", "date": "2025-01-21", "commitment": "Stargate: 'intends to invest $500 billion over the next four years building new AI infrastructure for OpenAI in the United States'", "amount_usd_bn": "500", "period": "2025-2029", "who_pays": "Stargate joint venture (SoftBank, OpenAI, Oracle, MGX equity funders)", "source_url": "https://openai.com/index/announcing-the-stargate-project/", "source_type": "company announcement", "note": "Joint-venture commitment; not OpenAI's own capex. Not added to totals." }, { "lab": "OpenAI", "date": "2025-09-23", "commitment": "OpenAI-Oracle agreement for up to 4.5 GW of additional Stargate capacity, 'a partnership that exceeds $300 billion between the two companies over the next five years'", "amount_usd_bn": "300", "period": "2025-2030", "who_pays": "OpenAI pays Oracle for capacity; Oracle builds (Oracle capex is in our Oracle rows)", "source_url": "https://openai.com/index/five-new-stargate-sites/", "source_type": "company announcement", "note": "Would double count with Oracle capex. Not added to totals." }, { "lab": "OpenAI", "date": "2025-10-30", "commitment": "Stargate at 'over 8 gigawatts of planned capacity and more than $450 billion in investment over the next three years'", "amount_usd_bn": "450", "period": "2025-2028", "who_pays": "Stargate partners", "source_url": "https://openai.com/index/expanding-stargate-to-michigan/", "source_type": "company announcement", "note": "Planned investment across partners. Not added to totals." }, { "lab": "OpenAI", "date": "2026-04-29", "commitment": "'committed to securing 10GW of AI infrastructure in the United States by 2029 ... we have already surpassed that milestone'", "amount_usd_bn": "", "period": "by 2029", "who_pays": "Stargate partners", "source_url": "https://openai.com/index/building-the-compute-infrastructure-for-the-intelligence-age/", "source_type": "company announcement", "note": "Capacity milestone; no dollar figure given." }, { "lab": "Anthropic", "date": "2025-11-12", "commitment": "'a $50 billion investment in American computing infrastructure, building data centers with Fluidstack in Texas and New York'", "amount_usd_bn": "50", "period": "sites online through 2026", "who_pays": "Anthropic with Fluidstack", "source_url": "https://www.anthropic.com/news/anthropic-invests-50-billion-in-american-ai-infrastructure", "source_type": "company announcement", "note": "Total programme; no quarterly spend disclosed. Not added to totals." }, { "lab": "Anthropic", "date": "2026-06-03", "commitment": "Cloud Services Agreements with SpaceX: 'the customer has agreed to pay us $1.25 billion per month through May 2029' for about 325,000 NVIDIA GPUs on Colossus and Colossus II", "amount_usd_bn": "", "period": "through May 2029", "who_pays": "Anthropic pays SpaceX (compute purchase; opex for Anthropic)", "source_url": "https://www.sec.gov/Archives/edgar/data/1181412/000162828026040364/spaceexplorationtechnologib.htm", "source_type": "SEC filing (counterparty)", "note": "Compute rental, not capex; terminable on 90 days' notice after the first three months. Not added to totals." }, { "lab": "Anthropic", "date": "2026-10-26", "commitment": "IPO filing (S-1): at 30 June 2026, 'expected future fixed or minimum guaranteed commitments' for compute and infrastructure 'were approximately $265.6 billion', plus leases not yet started of '$321.4 billion'", "amount_usd_bn": "", "period": "terms of up to 20 years", "who_pays": "Anthropic pays cloud providers and lessors (mostly operating costs and leases for Anthropic)", "source_url": "https://www.sec.gov/Archives/edgar/data/2130357/000162828026067168/anthropicpbc-sx1.htm", "source_type": "SEC filing", "note": "Capex itself was $131m in 2025 and $482m in the first half of 2026. The filing has not yet filled in its own combined total. Not added to totals." } ] }