Will revenue per employee at major hyperscalers increase by more than 20% YoY in 2026?

Hyperscalers' revenue per employee rose 19% YoY in 2023 and 15% in 2024 as cloud growth slowed to 17% from 29% in 2022; 2025 guidance shows capex rising to $200B+ while headcount growth remains flat at 3-5%, implying only marginal productivity gains unless AI-driven workloads accelerate beyond the current 35% of new cloud spend. Structural precedent from 2017-2019 shows revenue-per-employee gains rarely exceed 15% without double-digit revenue acceleration, which current enterprise IT budgets do not support.