The five layers
From the companies commissioning capacity to the ones supplying chips, systems and electricity. Over their latest four reported quarters the twenty-one companies spent $781.0 billion on capital equipment, the hyperscalers most of it.
Filings through October 30, 2026
| Layer | What it is | Companies | Four-quarter spend, $ millions | Change on prior four |
|---|---|---|---|---|
| Hyperscalers | The companies that own the data centers and sign the capex plans. | MicrosoftAlphabetAmazonMetaOracle | 691,015 | 93% |
| Compute, memory and networking | Chips, memory, optics and switches sold into the build-out. | NvidiaBroadcomAMDMicronAristaCienaCoherentAstera LabsIntel | 56,251 | 41% |
| Systems and power equipment | Servers, racks, cooling and the equipment that carries the power. | Super MicroDellVertiv | 4,272 | 46% |
| Neoclouds | Rented GPU capacity, financed mostly with debt. | CoreWeave | 20,566 | 140% |
| Power | Generation and grid equipment the sites depend on. | VistraConstellationGE Vernova | 8,864 | 39% |
Each layer’s figure is the sum of its companies’ own capital expenditures over their latest four reported quarters. The layers measure different things: a hyperscaler’s spending buys the data centers, a supplier’s buys its own plant. They are listed together, not compared as shares of one whole.