Microsoft and Alphabet continue to outpace other hyperscalers in AI infrastructure spending, leveraging superior balance sheets to secure priority access to next-generation GPU allocations.

Microsoft and Alphabet continue to outpace other hyperscalers in AI infrastructure spending, leveraging superior balance sheets to secure priority access to next-generation GPU allocations.

Widening capex gaps entrench market leadership for top-tier cloud providers while squeezing mid-tier competitors’ ability to scale compute fleets.