Introduction: An Historic Shift in CapEx Spending

As the U.S. enters 2025, capital expenditure (CapEx) is set to reach record levels, but the distribution of this investment is far from equal. A handful of tech giants—Amazon, Alphabet, Microsoft, Meta, and Apple—are leading the charge, pouring over $200 billion into AI infrastructure, cloud computing, and data centers. This unprecedented level of investment is triple the annual CapEx increase seen from 2020 to 2023 and is fundamentally reshaping not only the tech industry but the broader financial landscape as well.