Big Tech Faces $725B in 2026 AI Capex as Chip Stocks Post Worst Week Since April 2025

Bloomberg / Hacker News·medium signal

Bloomberg reports Alphabet, Microsoft, Amazon and Meta have guided to as much as $725 billion in capital expenditure this calendar year, with analyst consensus projecting nearly $900 billion for 2027 — just as investors start demanding proof of return. Information technology was the worst-performing S&P 500 group last week; the Nasdaq 100 lost 4.1% and the Philadelphia Semiconductor Index sank 10%, its worst week since April 2025. Apple, which deliberately avoided the capex race in favor of partnering with model providers, is the best-performing Magnificent Seven name this year at +23%.