Big Tech AI Spending Over Time

This graphic is part of AI Week, our Terzo-sponsored series exploring how artificial intelligence is reshaping business, technology, and society.

Key Takeaways

• Combined annual capex across Alphabet, Amazon, Meta, Microsoft, and Oracle rose from $162B in 2022 to $448B in 2025.
• Microsoft (+$80B), Amazon (+$71B), and Alphabet (+$62B) added the most annual capex between 2022 and 2025.
• By Q4 2025, the five companies were spending a combined $141B in a single quarter, underscoring how central data centers, chips, and cloud infrastructure have become to the AI race.