According to @KobeissiLetter, combined CapEx for Amazon (AMZN), Meta (META), Alphabet (GOOGL), and Microsoft (MSFT) reached a record 112 billion dollars in Q3 2025. The group’s CapEx has doubled since Q1 2024 and tripled since Q2 2023, according to @KobeissiLetter. Amazon raised its 2025 CapEx forecast to 125 billion dollars and expects spending to increase further in 2026, according to @KobeissiLetter. Alphabet now projects full-year 2025 CapEx between 91 and 93 billion dollars, according to @KobeissiLetter. Meta guided CapEx of 70 to 72 billion dollars and expects notably larger spending in 2026, according to @KobeissiLetter. Microsoft sees CapEx growth accelerating in fiscal 2026 after a 45 percent increase last year, suggesting at least 94 billion dollars, according to @KobeissiLetter. The AI infrastructure race is intensifying, establishing a visible multi-year buildout path traders can track for momentum and liquidity cues, according to @KobeissiLetter.

According to @business, investor attention has shifted to Caterpillar (CAT) as an unexpected beneficiary of the AI buildout due to rising turbine demand. According to @business, the thesis links AI infrastructure expansion to stronger orders for Caterpillar’s power equipment, positioning the stock as a proxy for data center spending. According to @business, this narrative frames Caterpillar as an AI-exposed industrial, a factor traders may track for momentum and sector rotation signals. According to @business, the report focuses on AI-driven turbine demand and does not mention cryptocurrency markets.