Over $700 Bilion In CapEx: Hyperscaler Earnings Wrap

Commenting on yesterday's deluge of earnings reports by mega cap companies, UBS trader Robert Ruple writes that "there was a mixed bag of hyperscaler prints that leaned generally constructive and nothing he would call out that really shifts the narrative. Most critical was that Microsoft, Alphabet andd META all lifted capex forecasts, which should be enough to keep the AI thesis in play."

This is how capex expectations have changed in the last quarter: