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+0.06Palanor: Geopolitical Stress59.7-0.25Palanor: Liquidity58.8+0.87Palanor: Capital Tightness46.4-1.11Palanor: Industrial Pulse70.10.00Palanor: AI Margin Compression52.8-0.63Palanor: Consumer Confidence47.1-1.44Palanor: US Dollar Strength46.5+0.01Palanor: Labor Heat63.20.00Palanor: Recession Vocabulary28.7+0.64Palanor: Uncertainty Index53.2-0.24Palanor: US Jobs Health40.30.00Palanor: Energy Transition37.7+0.74Palanor: Reshoring Sentiment22.7-0.15Palanor: AI Substitution28.6+0.24The Social Fabric Index45.70.00Palanor: Geopolitical Anxiety19.8+0.43Palanor: Quit Pressure34.7-2.85The Mania Index88.00.00The Palanor Index57.5+0.37Cost Disease Spread33.20.00Palanor: US vs China49.4-0.05Rise of Socialism Index40.6-0.18The Bubble Memory98.5-0.00Palanor: Steward Confidence51.0+0.19The Long Watch90.30.00The Reshoring Index55.20.00The Capital Return Index80.2-0.77The Discourse Index74.3+1.91The Hesitation Index33.4+2.64Palanor AI Inference Cost Index71.2-0.03The AI Capex Race Index76.1-2.39The Boardroom Index81.7-0.84The Layoff Cycle Index35.6+2.75Capital Deployment Posture Index61.7-0.67The Consumer Health Index41.8+0.07Labor Hours Composite44.40.00The Dollar Erosion Index65.5-1.13Palanor: Risk Appetite35.4-0.76
PalanorPalanor

Line

Hyperscaler capex — Microsoft, Alphabet, Meta, Amazon (trailing 12 months)

Combined trailing-twelve-month capital expenditure of Microsoft, Alphabet, Meta and Amazon, $ billions — the AI build-out in one number.

510.7 in Q2 2026the highest in data back to 2018+450.0 since Q3 2018
YTD1y2y5y10y20yAll
ForecastOffContinuationForesight™
Show ▾
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.

Continuation · the recent trend, flattening · 1 year

Dashed: the projection from the latest reading. Shaded: the range about two in three outcomes land in. A projection, not a promise.

What this chart reads

Sources

Hyperscaler capex — Microsoft, Alphabet, Meta, Amazon (trailing 12 months). Source: Palanor reads quarterly and annual XBRL filings from SEC EDGAR, a public-domain database. The series sums cash payments to acquire property, plant and equipment as reported under US GAAP by each of the four companies.

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

Hyperscaler Capex and U.S. Electricity Demand

Capital spending of the largest cloud and AI companies, trailing twelve months, and U.S. electricity demand growth over twelve months

510.7Data 52 days ago
BusinessForecastMoving

S&P MidCap 400 Sector Sentiment · Financials (Discourse)

The mean management tone, from −1 to +1, across Financials companies in the S&P MidCap 400 in the trailing 90 days.

0.49Data today
BusinessForecastMoving

Mega-Cap Confidence Dispersion (Discourse)

The standard deviation of confidence scores across member companies in the trailing 90 days.

0.12Data today
BusinessForecastMoving

Procter & Gamble Trailing P/E

Procter & Gamble (PG) market value ÷ trailing-twelve-month GAAP net income, daily.

24.0Data yesterday
BusinessForecastMoving

Large-Cap Sector Sentiment · Financials (Discourse)

The mean management tone, from −1 to +1, across Financials companies in the Large-Cap in the trailing 90 days.

0.54Data today
BusinessForecastMoving

Mining Tariff Mentions (Discourse)

Average tariff and trade-policy mentions per earnings call across 26 metals and mining companies, trailing 90 days.

0.3Data 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.