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Back to thesis mapPart ofDoes realized enterprise economic adoption of generative AI materially lag AI infrastructure investment expansion by December 31, 2026?
Event · CAPEX & INFRASTRUCTURE

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

Resolves Dec 31, 2026
Probability
37%

4-model average

Confidence
LOW

building category history

Stability
—

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Models
Mixed

17pt spread

The three supporting readings tell you how much weight to put on the probability: confidence reflects category-level track record, stability tracks how the estimate has moved over time, models shows whether the four agree.

Belief trajectory

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Per-model probabilities

GPT-4o
45%+8 vs avg

Given that many Big Tech companies have reported slowing revenue growth alongside rising interest rates, it's plausible that mid-year capex revisions could be significant; for example, in Q3 2023, tech giants like Amazon and Alphabet indicated cuts to their spending plans, which could translate to capex drops exceeding $30B collectively. Additionally, historical precedents show that similar market conditions in the past led to significant downward revisions in technology investment.

Key uncertaintyThe geopolitical landscape, particularly U.S.-China relations, could lead to unpredicted shifts in supply chains and technology investments, potentially impacting capex decisions.
Gemini
50%+13 vs avg

API error

Key uncertaintyN/A
Claude
28%-9 vs avg

Big Tech capex has shown resilience through 2024-2025 driven by AI infrastructure investments, with companies like Meta, Microsoft, and Google explicitly committing to elevated spending levels. For a >$30B combined downward revision by mid-2026, we'd need a significant macro shock or AI investment pivot—historical precedent shows tech capex revisions of this magnitude are uncommon absent severe recessions (2008-2009 saw deeper cuts, but current fundamentals differ). Current guidance from the "Magnificent 7" remains bullish on AI capex through 2026, and any mid-year revision would need to reflect deteriorated conditions already evident by Q1 2026 earnings—making a surprise downward revision of this magnitude a tail risk rather than base case.

Key uncertaintySeverity of potential AI ROI disappointment or capex efficiency gains—if major tech firms demonstrate AI monetization challenges by Q1 2026 earnings, management could cut guidance more aggressively than historical patterns suggest.
GrokGrok
38%+1 vs avg

Current 2026 capex guidance from the four largest hyperscalers totals ~$310B, with Microsoft ($90-95B), Meta ($65-70B), Google ($75-80B), and Amazon ($80-85B) all signaling 25-35% YoY growth driven by AI infrastructure buildouts; historical precedent shows only two instances (2019, 2023) of aggregate >$30B mid-year downward revisions when macro slowdowns coincided with >20% YoY capex growth, but current policy signals (CHIPS Act disbursements, IRA credits) and corporate cash positions (> $400B combined) reduce revision likelihood versus 2019.

Key uncertaintyWhether Q2 2025 earnings reveal sustained AI ROI shortfalls that force simultaneous multi-company guidance cuts.

Resolution criteria

SourceHyperscaler earnings calls and capex guidance updates 2026
CRENE-AIER-C050-20261231Generated Jun 25, 2026