Synthesized from 3 earnings calls reported on Apr 29, 2026.
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All three hyperscalers raised or reaffirmed upward capex trajectories in Q1, with Meta Platforms lifting guidance to $125-145B on memory cost pressure, Alphabet guiding $180-190B and flagging 2027 will be significantly higher, and Amazon disclosing a $50B custom silicon run rate with Trainium subscribed through the fourth generation. Demand is outrunning supply across compute, power, and memory, with no issuer signaling any easing.
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