Cloud Providers Capex (Amazon, Alphabet, Microsoft, Oracle) · Trailing 12 Months

## What this measures

The combined capital expenditure of Amazon, Alphabet, Microsoft and Oracle over the latest four quarters, in billions of U.S. dollars: cash paid for property and equipment, which for these companies is mostly data centers, servers, chips and networking. It is the same company set as cloud_revenue.hyperscalers.ttm, so the two can be compared directly. Each company's figure is its capex.<ticker>.ttm series.

## Why it matters

This is the spending side of the AI infrastructure race. It sets the pace for chipmakers, data center builders and power utilities, and it is the bill that cloud revenue has to repay.

## How to read it

Higher is more spending. Compare its growth with cloud revenue (cloud_revenue.hyperscalers.ttm) and read the ratio (ai_infra.capex_to_cloud_revenue.ttm).

## What it does not say

It is company-wide capex: Amazon's also builds warehouses and logistics, Alphabet's serves Search and YouTube, Microsoft's its other businesses. It excludes assets acquired under finance leases, which Microsoft and Amazon add to the headline capex they quote, so it reads below company press releases. It is not the same as capex.hyperscalers.ttm, which covers Microsoft, Alphabet, Meta and Amazon (no Oracle): Meta has no cloud revenue, so it is left out here to keep spending and revenue on the same companies.

## How it's built

Cash purchases of property and equipment (us-gaap PaymentsToAcquirePropertyPlantAndEquipment, or PaymentsToAcquireProductiveAssets for Amazon) from each company's filings, differenced from year-to-date figures into quarters with the rules of capex.<ticker>.ttm. Amazon, Alphabet and Microsoft report calendar quarters (Microsoft's fiscal year ends June 30, but its quarters end in March, June, September and December). Oracle's quarters end in February, May, August and November, and each counts in the calendar quarter it ends in: Oracle's quarter to May 31 is summed with the others' quarter to June 30. A quarter is published only when all four have reported, so the latest point waits for the last of the four.

## Source

U.S. Securities and Exchange Commission, EDGAR: the companies' 10-Q and 10-K filings (XBRL). SEC filings are public information and may be copied or redistributed (sec.gov). Refreshed weekly.