Following the latest financial guidance from North American cloud service providers (CSPs), TrendForce has revised its 2025 capital expenditure (CapEx) growth forecast for the world's eight major CSPs upward from 61% to 65%. The firm anticipates CSPs will maintain aggressive investment momentum in 2026, with combined expenditures exceeding $600 billion—a 40% year-over-year increase—highlighting the long-term growth potential of AI infrastructure.
The eight leading CSPs include U.S.-based Google (Alphabet), AWS (Amazon Web Services), Meta, Microsoft, Oracle, as well as China's Tencent, Alibaba, and Baidu. For instance, Google has raised its 2025 CapEx to $91–93 billion to meet surging demand for AI data centers and cloud computing. Meta also increased its 2025 CapEx projection to $70–72 billion, signaling further significant growth in 2026. Amazon revised its 2025 CapEx estimate to $125 billion, while Microsoft—though not disclosing full-year details—expects higher expenditures in fiscal 2026 compared to 2025.
TrendForce notes that this CapEx surge will fuel broad-based demand for AI servers, driving expansion across upstream supply chains (GPU/ASIC chips, memory, packaging materials) and downstream systems (liquid cooling modules, power supplies, ODM assembly), propelling the AI hardware ecosystem into a new structural growth cycle.
NVIDIA stands to benefit significantly as CSPs ramp up investments, with its full-rack AI solutions gaining stronger traction. Shipments of GB300 and VR200 racks in 2026 are now expected to outperform prior estimates, primarily serving North America's top five CSPs. Oracle is poised for the strongest growth, leveraging U.S. government projects and cloud-based AI database leasing services.
The market is expected to accelerate adoption of full-rack AI solutions in 2026, spurred by NVIDIA's next-gen VR200 Rack and rival AMD's Helios solution (featuring Venice CPUs and MI400 GPUs). Meta and Oracle will be among the first to deploy Helios, while Meta also plans to integrate NVIDIA GB/VR Racks with its in-house ASIC solutions—backed by a planned 65% CapEx hike to $118 billion in 2026.