Transformer shortage and hyperscaler capex pair through the supply-side pricing power that absorbs marginal capex dollars. Post 059 documents Microsoft's $25B component-cost attribution as the direct empirical evidence.
The four hyperscalers reported Q1 2026 on April 29 and collectively raised 2026 capex guidance from the pre-quarter $630B figure to roughly $725B - up 77% from 2025's $410B. Microsoft alone now plans $190B, with $25B of that attributed to memory chip and component costs.
The AI power buildout has moved from forecast to order book. The richest companies in the world are prepared to spend almost without limit. They have discovered that money cannot manufacture time.
Transformer shortage and hyperscaler capex pair through the supply-side pricing power that absorbs marginal capex dollars. Post 059 documents Microsoft's $25B component-cost attribution as the direct empirical evidence.
The four hyperscalers reported Q1 2026 on April 29 and collectively raised 2026 capex guidance from the pre-quarter $630B figure to roughly $725B - up 77% from 2025's $410B. Microsoft alone now plans $190B, with $25B of that attributed to memory chip and component costs.
The AI power buildout has moved from forecast to order book. The richest companies in the world are prepared to spend almost without limit. They have discovered that money cannot manufacture time.