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The four large US hyperscalers, Amazon, Alphabet, Meta and Microsoft, have committed roughly USD 700 billion of capital expenditure for 2026 alone. These are not statements of intent. They are commitments already entered into, and they have triggered GPU orders, land purchases and power purchase agreements. One figure alongside makes it interesting. Capex for these houses is growing by 60 to 80 per cent year on year, while their group revenues grow in the mid teens. From an i

Every major infrastructure boom looks the same while it is forming, and only sorts itself out in hindsight. Visionary build-ahead or undisciplined overbuild? The question decides between a return and a loss, yet it rarely answers itself while the capital is still flowing. Right now it arises with the build-out of data centres for artificial intelligence. The reflex is to argue about demand: will it come, and will it come fast enough. From an infrastructure perspective that is