Hyperscaler capex vs. revenue
This chart compares the growth of aggregate hyperscaler capital expenditure with aggregate revenue since 2021. It uses trailing-12-month SEC data for Amazon, Microsoft, Alphabet, Meta, and Oracle and indexes each total separately, so it shows relative growth rather than dollar levels or the return on AI spending.
What does it show?
Hyperscaler capital spending has grown more than twice as fast as revenue since 2021.
Methodology
Aggregate trailing-12-month whole-company revenue and capital expenditure for Amazon, Microsoft, Alphabet, Meta, and Oracle from SEC XBRL facts. Revenue uses direct 10-Q quarters and derives fiscal Q4 from the 10-K; cash-flow-statement capex facts are differenced from cumulative year-to-date values before summing four consecutive quarters. Each aggregate is independently rebased to 2021-Q1 = 100. The comparison measures growth rates, not dollar levels, AI-only revenue, investment returns, or the profitability of AI spending.