3 November 2025 | 5:01AM EST Equity Research Summary of datapoints: Our hyperscaler CapEx rollup suggests that our analysts' expectations for CapEx (a large portion of which is tied to computing and datacenter infrastructure, including GPUs) have increased at an aggregate level by 7% in 2025 and 20% in 2026 to $404B and$552B respectively - with upward revisions across major spenders (detail in table/graph below). Summary of commentary: In terms of qualitative management commentary, Alphabet (covered by Eri ...