Skip to content
Palanor is in early release, with our founding customers.Become a founding customer →
The Real Rate Index45.30.00Palanor: Inflation Pulse50.7+0.09Palanor: Geopolitical Stress60.0-2.16Palanor: Liquidity57.9-0.79Palanor: Capital Tightness47.5+0.91Palanor: Industrial Pulse70.10.00Palanor: AI Margin Compression53.4+0.29Palanor: Consumer Confidence48.6+0.50Palanor: US Dollar Strength46.50.00Palanor: Labor Heat63.2-0.01Palanor: Recession Vocabulary28.1+0.54Palanor: Uncertainty Index53.4+1.24Palanor: US Jobs Health40.30.00Palanor: Energy Transition37.0-0.52Palanor: Reshoring Sentiment22.8+0.54Palanor: AI Substitution28.4-0.24The Social Fabric Index45.70.00Palanor: Geopolitical Anxiety19.4-0.45Palanor: Quit Pressure37.6+0.42The Mania Index88.00.00The Palanor Index57.1-0.51Cost Disease Spread33.20.00Palanor: US vs China49.5-0.17Rise of Socialism Index40.8-0.26The Bubble Memory79.90.00Palanor: Steward Confidence50.8+0.13The Long Watch90.30.00The Reshoring Index55.2+0.00The Capital Return Index81.0-0.75The Discourse Index72.4+1.83The Hesitation Index30.8-6.58Palanor AI Inference Cost Index71.2-0.03The AI Capex Race Index78.4+1.36The Boardroom Index82.5-0.00The Layoff Cycle Index32.8-2.51Capital Deployment Posture Index62.3+1.26The Consumer Health Index41.7-2.96Labor Hours Composite44.40.00The Dollar Erosion Index66.6+0.14Palanor: Risk Appetite36.2+0.83
PalanorPalanor

Line

Capex as a Share of Cloud Revenue

Capital spending of Amazon, Alphabet, Microsoft and Oracle as a percentage of their cloud revenue, trailing twelve months

119.9% in Q2 2026the highest in data back to 2022+51.5 pp since Q2 2022
YTD1y2y5y10y20yAll
ForecastOffContinuationForesight™
Show · 1 ▾
U.S. recessionsShades the months the NBER dates as recession. U.S. charts only.5-year rangeThe highest and lowest readings of the last five years, as a band. One-series charts only.High and lowMarks the highest and lowest readings in the window shown.
Current·Data to Q2 2026

Plays the chart through its history. Pauses are where the data set a record or moved most.

Palanor Foresight™ comes with a free Palanor account. Create one · Continuation is open to everyone.

SEC filings (10-Q and 10-K, XBRL). Amazon, Alphabet, Microsoft and Oracle; Oracle’s fiscal quarters count in the calendar quarter they end in. Capex is company-wide cash spent on property and equipment, excluding finance leases. Cloud revenue is each company’s reported cloud line: AWS, Google Cloud, Microsoft Intelligent Cloud, Oracle cloud (IaaS and SaaS). Microsoft redefined Intelligent Cloud in August 2024, so cloud revenue steps down between the June and September quarters of that year. Company-wide capex also pays for retail, search and other businesses, so the level overstates spending per dollar of cloud revenue. Palanor calculation.

How much the cloud providers spend on equipment for every dollar of cloud revenue. A rising line means the build-out is growing faster than the revenue it is meant to earn; a falling one means revenue is catching up.

What this chart reads

Sources

AI Capex as % of Cloud Revenue (Amazon, Alphabet, Microsoft, Oracle). Source: Palanor calculation from the companies' 10-Q and 10-K filings (U.S. Securities and Exchange Commission, EDGAR; public information). Refreshed weekly.

Charts are drawn from Palanor's signal library and recomputed from source data on every view. Transformations (changes, indexing, year-on-year rates) are Palanor's.

Related charts

AI & technologyForecast

U.S. Businesses Using AI

Share of U.S. businesses using AI to produce goods or services, and share expecting to within six months, %

23.8%Data 32 days ago
AI & technologyForecastMoving

AI in Text Index: Earnings Calls by Sector

Words language models overuse, per 10,000 words of S&P 500 earnings calls, trailing 90 days, sectors with enough companies to read

5.8Data today
AI & technologyForecast

What Companies Talk About on Earnings Calls

Average mentions per S&P 500 earnings call, rolling 90 days

11.51 viewsData today
AI & technology

Hyperscaler Capital Spending

Capital expenditures, trailing 12 months, $ billions

$173BData to Jun 2026
AI & technologyForecastMoving

AI in Text Index: S&P 500 Earnings Calls

How often calls use the words language models overuse, against their level before ChatGPT (January 2021 to September 2022 = one), trailing 90 days

1.06Data today
AI & technologyForecast

AI in Text Index: 10-K Risk Factors

Words language models overuse in S&P 500 annual reports, Item 1A, latest 10-K per company, against the level in 10-Ks filed before ChatGPT (= one)

1.41Data today

Cookies

We only use essential cookies to keep you signed in and remember your theme. No analytics, no tracking, no ads. See the Privacy Policy for the full read.