Will AI-attributable hyperscaler capex grow more than 40% YoY in 2026 while enterprise AI revenue grows less than 25% YoY?

As of July 2026, AI-attributable hyperscaler capex growth is influenced by robust demand for AI infrastructure. However, with enterprise AI revenue forecasts suggesting growth may be constrained to under 25% YoY, the investment appetite could be cautious. Historical data indicates that hyperscaler capex growth has previously surpassed enterprise revenue growth during tech booms; yet, prevailing economic conditions, such as inflation and supply chain constraints, could mitigate capex growth, making a 40% increase less likely.