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US Hyperscalers to Spend Up to $725 Billion on AI Infrastructure in 2026
The top five US hyperscalers are projecting a combined capital expenditure of $660 billion to $725 billion for 2026, nearly double their 2025 outlays, as the AI build-out shifts from software to physical infrastructure. Microsoft is guiding for roughly $175 billion in adjusted capital expenditure for both FY2026 and FY2027, with two-thirds of quarterly spend going to short-lived assets like CPUs and GPUs and the rest to long-lived data center infrastructure, and it added 1 gigawatt of capacity in Q3 FY2026, doubling its global footprint in two years. Amazon AWS has raised its 2026 capex guidance to approximately $220 billion, with CEO Andy Jassy saying AI capacity is expected to remain constrained through 2027 and contracted demand extending into 2028. Meta saw profit drop 14% in Q2 2026 despite a 28% revenue increase as its build-out, including a 1 gigawatt data center in Ohio and a Louisiana facility that could scale to 5 gigawatts, compressed margins, while Alphabet raised its 2026 capex guidance to as much as $205 billion and its Google Cloud backlog more than doubled year-over-year to $240 billion. The Stargate joint venture involving Oracle, OpenAI and others targets up to $500 billion in infrastructure investment by 2029, and Oracle's FY2026 capex reached $55.7 billion, more than doubling from the previous year.
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NextEra Reaffirms 2026 EPS Guidance as It Advances $67 Billion Dominion Deal
NextEra Energy has reaffirmed its 2026 adjusted EPS guidance of $3.92 to $4.02 and said it is targeting the high end of that range, as it advances a $67 billion all-stock acquisition of Dominion Energy that is expected to close in the second half of 2027. NextEra expects adjusted EPS to grow at a compound annual rate of at least 8% through 2032 and is targeting the same growth rate through 2035 off the 2025 base, while the combined company is expected to deliver 9%+ adjusted EPS growth through 2032 and is targeting the same rate through 2035 off NextEra's 2025 base. The company expects its dividend per share to grow at a roughly 10% annual rate through 2026 off the 2024 base, then 6% a year through 2028 from the 2026 base. To improve the deal's approval chances, the companies submitted an expanded benefits package to Virginia regulators that would double residential bill credits to four years, shield retail customers from grid costs tied to Northern Virginia's AI data centers, and add $100 million to Dominion's low-income bill assistance program through 2038 plus another $100 million for workforce development. If completed, the merger would create the largest US electricity producer, operating the largest natural gas-fired generation fleet in the US and the second-largest nuclear fleet.
3impact 4
Trump signs Russia sanctions bill, granting tariff authority over countries buying Russian oil
US President Trump signed the Russia sanctions bill into law on the 18th. The law grants the president the authority to impose tariffs on countries that purchase Russian oil products. It allows the president to impose a 500% tariff on Russian goods imported into the United States, and to impose an additional 100% tariff on the top five energy-importing countries, countries importing Russian crude oil and natural gas, and countries that help evade sanctions. This tariff authority expires after five years. The top five buyers of Russian oil products include China, India, and US ally Turkey, and they could be subject to a broad range of new tariffs. The law also extends the application deadline of the 1996 Iran Sanctions Act to 2031, imposing secondary economic sanctions on non-US companies that trade with Iran; it had been due to expire this year. The Russian presidential administration said on the 17th that the US Congress's passage of the bill was an "unfriendly" move and warned it could affect negotiations aimed at ending the war.