Will combined Big Tech 2026 capex be revised down by more than $30B mid-year?

As of mid-2026, combined Big Tech capital expenditures are under pressure from rising interest rates and a tightening regulatory environment, both of which could lead to a downward revision. For instance, the Federal Reserve's interest rate hike to a target of 5.5% as of June 2026 has increased borrowing costs, making tech companies more cautious in their spending. Additionally, a decline in advertising revenue reported by major players like Google and Meta in Q2 2026 is indicative of a tightening economic environment, further suggesting that large capex initiatives may be scaled back.