A CNBC report published on 2026-05-03 said fears of a data center spending bubble were wrong after the latest round of Big Tech earnings. It said Alphabet, Amazon, Apple, Microsoft and Meta Platforms all spent heavily on buildouts and still have more construction ahead. [1]
The report linked that spending to AI infrastructure and services, including cloud capacity, custom chips and internal training systems. It said the five companies are among the biggest names driving the surge in capital outlays. [1]
Alphabet and Amazon got the strongest stock response after earnings. Alphabet shares rose 12% for the week, while Amazon gained 1.6%. The report also said Google Cloud is growing fastest at 63%. [1]
The spending plans remain large. Alphabet is expected to spend $180 billion to $190 billion this year, Amazon about $200 billion, Apple about $13 billion, Microsoft about $190 billion and Meta $125 billion to $145 billion. [1]
Apple shares rose 3.4% for the week. Microsoft fell 2.4% and Meta dropped 9.8%, even as the report said all five companies kept building out the sites that support their AI and cloud businesses. [1]
The earnings run is still fresh. Alphabet, Amazon, Apple, Microsoft and Meta reported results this week, and the market is now digesting those numbers alongside their capital spending plans. [1]
