The five major hyperscalers (Alphabet, Amazon, Meta, Microsoft, Oracle) are projected to spend more than $690B in aggregate capex in FY26, representing greater than 80% YoY growth, with calendar 2026 spending approaching $800B when finance leases and pre-payments are included. Free cash flow is expected to approach zero or turn negative for all five except Alphabet and Microsoft, driving a structural shift to external financing: incremental debt rose from 9% of capex in FY24 to 32% LTM through mid-2026, Alphabet completed an $84.75B equity raise in June 2026, and aggregate off-balance-sheet lease commitments across the group total approximately $820B. For financial institutions, this financing shift introduces new credit differentiation risk within the hyperscaler group, as illustrated by S&P's July 2026 downgrade of Oracle to BBB-, and creates material debt and equity issuance volume that will interact with anticipated AI-company IPOs from Anthropic and OpenAI. Also reported by: https://www.tftc.io/ai-capex-depreciation-risk-sp500-earnings-hyperscalers
539 other tracked developments touching the same claims.