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102% of cloud revenue going to capex: UBS projects $4.1 trillion hyperscaler AI buildout through 2028

8/23/2026

102% is the ratio UBS projects Amazon (NASDAQ: AMZN), Alphabet (NASDAQ: GOOG), and Microsoft (NASDAQ: MSFT) will collectively hit in 2026, measured as capital expenditure against cloud revenue.

UBS estimates total hyperscaler capex at roughly $4.1 trillion from 2026 through 2028, the sum of $1.009 trillion in 2026, $1.447 trillion in 2027, and $1.619 trillion in 2028.

That three-year figure is more than triple the $1.292 trillion the group deployed across the prior six years. The ratio measures capital intensity, not solvency.

Amazon, Alphabet, and Microsoft operate businesses far larger than cloud infrastructure, so the 102% figure captures how aggressively cloud revenue is being channeled into AI buildout.