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Today's Cover Story
Technology

The AI Capex Cliff

Is the $500B AI build-out about to crack?

Hyperscaler capex is on pace to cross $500B in 2026 — a number that requires flawless execution from NVDA, MSFT, GOOGL, META, and AMZN. But cracks are forming: OpenAI's circular financing loop with NVDA and Oracle has drawn SEC scrutiny. Private credit funds that bankrolled neocloud buildouts (CRWV, CoreScientific, Applied Digital) are staring at rising default rates. And the power grid can't keep up. Markets price 38% chance hyperscalers cut capex guidance by Q3 — but the cascade through semis, REITs, utilities, and private credit could be the trade of the decade.

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Your call
Will hyperscalers cut AI capex guidance by Q3 2026?
TickersNVDAMSFTGOOGLMETAAMZNAVGOCRWVCEGVST
Market is pricing
38%
capex guide-down by Q3
Community vote
Will hyperscalers cut AI capex guidance by Q3 2026?
38% Yes62% No
9,847tracking
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