AI capex · calendar 2027 estimates · as of Oct 23, 2026
Follow the AI Money
In 2027 AI builders are set to spend —. Who writes the cheques, what they buy, and who gets paid.
Total AI capex—
Paid by the big four—
Nvidia's take—
Memory makers' take—
Buildings and power—
Winners and exposure
Who depends on this spending most
Each bubble is a listed supplier: how much it earns from 2027 AI capex, against how much of its total revenue that is. The highest bubbles gain most from a boom and lose most from a cut. Move the slider to test a change in total AI capex.
AI capex revenue vs AI dependence, 2027E
Bubble size is the supplier's estimated total 2027 revenue. Horizontal axis is logarithmic.
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Total AI capex in this scenario. Every supplier's AI revenue moves with it; the rest of its revenue stays fixed.
All listed suppliers
Base case. Select a row to show it on the chart above.
How sure is this
What could move the total
Every 2027 figure here is an estimate. These are the biggest swing factors, shown as the range around the base case. Big-tech earnings on Oct 28–29 will narrow the hyperscaler line.
Range around the base case ($bn)
Low and high cases from the research note. HBM is part of the memory line, so the rows do not add up.