Marina Lyubimova
⬤ Global cloud capital spending keeps climbing, with capex rising from around $150 billion in 2020 toward much higher levels through 2024 and into 2026 estimates. After a brief slowdown in 2022, industry investment is picking up speed again, setting the stage for one of the strongest multiyear expansion cycles cloud infrastructure has seen.
⬤ The world's top 11 hyperscale cloud providers are expected to spend over $1 trillion combined this year and next. The surge reflects how artificial intelligence is driving massive demand for accelerated computing, data storage, and network capacity. Capex projections for 2024 and 2025 show sharp increases compared with the early 2020s, signaling a fundamental shift in infrastructure needs as AI adoption spreads.
⬤ Year-over-year spending growth is bouncing back hard. After turning negative in 2022, growth rebounded to roughly 20% in 2023 and jumped above 40% in 2024, with another strong gain expected for 2025. Even 2026 estimates remain well above pre-2020 levels. Cloud providers are clearly gearing up for sustained AI-driven demand, including massive compute clusters and faster data processing.
⬤ This rapid expansion matters because it shows how deeply AI is reshaping the global tech landscape. Multi-year investment at this scale strengthens the foundation for AI development and influences platform capabilities, competition, and long-term productivity. As hyperscalers build infrastructure at record speed, the cloud ecosystem is entering an AI-powered evolution.
Marina Lyubimova
