Big Tech guided to $725B in 2026 AI capex just as investors started asking for returns.

Bloomberg reports Alphabet, Microsoft, Amazon and Meta at up to $725 billion this calendar year, with consensus near $900 billion for 2027. 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 sat out the capex race and partnered with model providers instead, is the best-performing Magnificent Seven name this year at +23%. Read that last fact carefully if you're deciding whether to own infrastructure or rent it.