On November 6, market research firm TrendForce released its latest report, revising up the year-on-year growth rate of the total capital expenditure (CapEx) of the world’s top 8 major cloud service providers (CSPs) from 61% to 65% this year. Meanwhile, it is expected that the top 8 global CSPs will maintain an active investment pace in 2026, with their combined CapEx increasing to $600 billion—a year-on-year surge of 40%—demonstrating the long-term growth potential of AI infrastructure development.
The world’s top 8 CSPs include Google, Amazon AWS, Meta, Microsoft, Oracle, Alibaba, Tencent, and Baidu. For example:
Google has raised its 2025 CapEx to $91 billion–$93 billion to meet the surging demand for AI data centers and cloud computing. Meta has also revised up its 2025 CapEx to $70 billion–$72 billion, and expects its 2026 CapEx to grow 65% year-on-year to $118 billion. AWS has increased its 2025 CapEx to $125 billion. While Microsoft has not disclosed its full 2025 fiscal year CapEx, its 2026 fiscal year CapEx is expected to exceed that of 2025.
TrendForce stated that this round of CapEx growth among major CSPs will drive a comprehensive upturn in demand for AI servers. It will also stimulate the synchronous expansion of upstream supply chains such as GPUs/ASICs, memory chips, and packaging materials, as well as downstream system manufacturers including liquid cooling modules, power supplies, and ODM assembly firms. This will propel the AI hardware ecosystem into a new round of structural growth.
The CSPs’ planned CapEx increases will also add stronger growth momentum to NVIDIA’s rack solutions. The combined shipments of GB300 and VR200 Racks in 2026 are expected to outperform previous forecasts, with North America’s top 5 CSPs as the main customers. Oracle is poised for the strongest growth, benefiting from demand in North American government projects and cloud AI data center leasing services.
It is anticipated that the market will more actively adopt rack-mounted AI solutions in 2026. In addition to NVIDIA’s new VR200 Rack, key competitor AMD will also promote its Helios rack solution—equipped with Venice CPUs and MI400 GPUs—with Meta and Oracle as the first adopters. Meta will also deploy NVIDIA’s GB/VR Racks alongside its self-developed ASIC solutions.
(Reprinted from https://news.eccn.com/）