Big Tech Cloud Backlog Hits $2.3 Trillion as AI Capex Tops $860 Billion
Updated
Updated · Yahoo Finance · Aug 3
Big Tech Cloud Backlog Hits $2.3 Trillion as AI Capex Tops $860 Billion
3 articles · Updated · Yahoo Finance · Aug 3
Summary
$2.3 trillion in cloud backlog across the top four providers is up 16% from the first quarter, giving investors a fresh gauge of demand behind hyperscalers' AI spending.
Bank of America said customer commitments and accelerating AI sales are keeping compute supply constrained, supporting continued capacity buildouts despite market unease over surging capex.
Microsoft reported $678 billion of backlog, Oracle $638 billion, AWS $496 billion and Google Cloud about $514 billion, with much of that revenue scheduled beyond the next 12 months.
BofA now sees 2026 hyperscaler capex above $860 billion, up 80% year over year, with a path to roughly $1.2 trillion in 2027 even as free-cash-flow margins stay under pressure.