# Follow the AI Money: where 2027 AI capex goes

Calendar-2027 estimates in US dollars, as of Oct 23, 2026. Source: AI capex 2027 research note, Oct 23, 2026. Interactive version: https://www.assetlens.ai/

In calendar 2027, AI builders are set to spend $1,824bn on data centers and the equipment inside them. Alphabet, Amazon, Meta and Microsoft pay $961bn of it (53%). Nvidia collects $530bn, about 29 cents of every dollar. The memory makers SK hynix, Samsung and Micron take $434bn, more than buildings, power and cooling combined ($320bn).

## Spenders (AI capex, 2027E)

| Rank | Spender | Type | Total capex ($bn) | AI share | AI capex ($bn) |
| --- | --- | --- | ---: | ---: | ---: |
| 1 | Alphabet | Hyperscaler | 320 | 92% | 294 |
| 2 | Amazon | Hyperscaler | 300 | 85% | 255 |
| 3 | Meta | Hyperscaler | 225 | 95% | 214 |
| 4 | Microsoft | Hyperscaler | 220 | 90% | 198 |
| 5 | SpaceX (xAI) | AI lab | 200 | 85% | 170 |
| 21 | All other spenders | Other |  |  | 150 |
| 6 | Oracle | Hyperscaler | 100 | 95% | 95 |
| 7 | ByteDance | China | 100 | 80% | 80 |
| 8 | CoreWeave | Neocloud | 55 | 100% | 55 |
| 9 | Anthropic | AI lab | 40 | 100% | 40 |
| 10 | Alibaba | China | 47 | 85% | 40 |
| 11 | Blackstone (QTS) | Developer | 35 | 100% | 35 |
| 12 | Tencent | China | 38 | 85% | 32 |
| 13 | Nebius | Neocloud | 30 | 100% | 30 |
| 14 | SoftBank (Stargate) | Developer | 30 | 100% | 30 |
| 15 | Vantage | Developer | 25 | 100% | 25 |
| 16 | IREN | Neocloud | 25 | 100% | 25 |
| 17 | Crusoe | Developer | 15 | 100% | 15 |
| 18 | G42 (Stargate UAE) | Sovereign | 15 | 100% | 15 |
| 19 | Tesla | Other | 35 | 40% | 14 |
| 20 | Humain | Sovereign | 12 | 100% | 12 |

## Equipment categories (2027E)

| Category | Group | Value ($bn) |
| --- | --- | ---: |
| Accelerators | Accelerators | 540.0 |
| Memory (excl. HBM) | Memory | 240.0 |
| Networking (excl. optical) | Networking & optical | 175.0 |
| DC construction | Buildings & power | 150.0 |
| HBM | Memory | 144.0 |
| Storage | Storage | 125.0 |
| Other | Other | 95.0 |
| Power transmission | Buildings & power | 85.0 |
| CPUs | CPUs | 65.0 |
| Optical | Networking & optical | 60.0 |
| OEM | Servers (OEM) | 60.0 |
| Cooling | Buildings & power | 45.0 |
| Power generation | Buildings & power | 40.0 |

## Listed suppliers (2027E)

| Supplier | Ticker | AI capex revenue ($bn) | Total revenue ($bn) | AI share of revenue | Largest category |
| --- | --- | ---: | ---: | ---: | --- |
| Nvidia | NVDA | 530.0 | 690 | 77% | Accelerators |
| SK hynix | 000660.KS | 166.0 | 455 | 37% | Memory (excl. HBM) |
| Samsung | 005930.KS | 163.0 | 670 | 24% | Memory (excl. HBM) |
| Micron | MU | 105.0 | 260 | 40% | Memory (excl. HBM) |
| Broadcom | AVGO | 75.0 | 170 | 44% | Accelerators |
| AMD | AMD | 50.0 | 100 | 50% | Accelerators |
| InnoLight | 300308.SZ | 18.0 | 20 | 90% | Optical |
| Foxconn | 2317.TW | 18.0 | 330 | 6% | OEM |
| Schneider Electric | SU.PA | 16.0 | 50 | 32% | Power transmission |
| Vertiv | VRT | 14.0 | 18 | 78% | Power transmission |
| Intel | INTC | 12.0 | 58 | 21% | CPUs |
| HOCHTIEF (Turner) | HOT.DE | 12.0 | 45 | 27% | DC construction |
| Eaton | ETN | 11.0 | 33 | 33% | Power transmission |
| Marvell | MRVL | 10.0 | 15 | 67% | Accelerators |
| Kioxia | 285A.T | 10.0 | 45 | 22% | Storage |
| SanDisk | SNDK | 10.0 | 45 | 22% | Storage |
| Arista | ANET | 10.0 | 17 | 59% | Networking (excl. optical) |
| Amphenol | APH | 10.0 | 30 | 33% | Networking (excl. optical) |
| Quanta | 2382.TW | 10.0 | 85 | 12% | OEM |
| Seagate | STX | 9.0 | 16 | 56% | Storage |
| Eoptolink | 300502.SZ | 9.0 | 10 | 90% | Optical |
| Wistron/Wiwynn | 3231.TW | 9.0 | 70 | 13% | OEM |
| Dell | DELL | 9.0 | 230 | 4% | OEM |
| GE Vernova | GEV | 9.0 | 52 | 17% | Power generation |
| MediaTek | 2454.TW | 8.0 | 25 | 32% | Accelerators |
| Western Digital | WDC | 8.0 | 15 | 53% | Storage |
| Cisco | CSCO | 8.0 | 62 | 13% | Networking (excl. optical) |
| ABB | ABBN.SW | 7.0 | 38 | 18% | Power transmission |
| Siemens | SIE.DE | 7.0 | 95 | 7% | Power transmission |
| Caterpillar | CAT | 7.0 | 72 | 10% | Power generation |
| Corning | GLW | 6.0 | 18 | 33% | Optical |
| EMCOR | EME | 6.0 | 18 | 33% | DC construction |
| Comfort Systems | FIX | 6.0 | 11 | 55% | DC construction |
| Coherent | COHR | 5.0 | 8 | 63% | Optical |
| Quanta Services | PWR | 5.0 | 36 | 14% | Power transmission |
| Siemens Energy | ENR.DE | 5.0 | 53 | 9% | Power generation |
| Supermicro | SMCI | 4.0 | 40 | 10% | OEM |
| Celestica | CLS | 4.0 | 20 | 20% | OEM |
| Trane | TT | 4.0 | 24 | 17% | Cooling |
| Johnson Controls | JCI | 4.0 | 26 | 15% | Cooling |
| Hitachi Energy | 6501.T | 4.0 | 65 | 6% | Power transmission |
| Lumentum | LITE | 3.5 | 5 | 70% | Optical |
| HPE | HPE | 3.0 | 40 | 8% | OEM |
| Legrand | LR.PA | 3.0 | 11 | 27% | Power transmission |
| Bloom Energy | BE | 3.0 | 4 | 75% | Power generation |
| Cummins | CMI | 3.0 | 37 | 8% | Power generation |
| Mitsubishi Heavy | 7011.T | 3.0 | 38 | 8% | Power generation |
| Credo | CRDO | 2.5 | 3.5 | 71% | Networking (excl. optical) |
| Astera Labs | ALAB | 2.0 | 2.5 | 80% | Networking (excl. optical) |
| Carrier | CARR | 2.0 | 23 | 9% | Cooling |
| Delta Electronics | 2308.TW | 2.0 | 22 | 9% | Cooling |
| Modine | MOD | 2.0 | 3.5 | 57% | Cooling |
| Sterling | STRL | 2.0 | 3 | 67% | DC construction |
| Prysmian | PRY.MI | 2.0 | 22 | 9% | Power transmission |
| Rolls-Royce | RR.L | 2.0 | 30 | 7% | Power generation |

## Swing factors ($bn)

| Driver | Low | Base | High |
| --- | ---: | ---: | ---: |
| Memory prices (HBM + other memory) | 300 | 384 | 500 |
| Big-four hyperscaler capex (±10%) | 865 | 961 | 1057 |
| Anthropic TPU build-out | 40 | 40 | 100 |
| HBM alone | 110 | 144 | 250 |

## Method

A spender is counted only if it owns the assets or holds them on a finance lease, so renters such as OpenAI count as zero. AI capex is total capex times an estimated AI share. Component value goes to the company that makes the component: HBM is taken out of Nvidia, AMD and Broadcom and assigned to the memory makers, and OEMs are credited only with assembly and margin. Supplier total revenues are approximations, so AI shares are indicative within about 10 percentage points.