Alphabet, Amazon, Meta, and Microsoft are collectively expected to spend approximately $650 billion on AI-related infrastructure in 2026, up from roughly $410 billion in 2025 (a 59% increase). This spending is flowing into data centers, custom silicon, and cloud capacity. The number underscores the capital intensity required to stay competitive in the foundation model race. Why it matters: $650B is larger than the GDP of most countries. The scale of this investment is creating a two-tier AI industry: companies that can afford to build infrastructure and everyone else.