Big Tech's AI Spending Is on Track to Top $700 Billion This Year. Here's Who May Cash In Next.
2026-06-03 22:31:00 ET
The numbers coming out of big tech this year are hard to fathom. Amazon plans to spend about $200 billion on capital expenditures in 2026. Microsoft now expects roughly $190 billion. Alphabet has guided to as much as $190 billion, and Meta Platforms recently raised its range to $125 billion to $145 billion. Together, the four are on track to spend more than $700 billion in a single year, the vast majority of it on the data centers and chips behind artificial intelligence (AI) . The bills have grown so large that even these cash-rich companies are now leaning on debt and equity markets to help fund them.
All that computing power has to be plugged in somewhere. And that is where a quieter set of beneficiaries comes in: the electric utilities that generate and deliver the electricity these data centers consume. One of the most exposed is American Electric Power (NASDAQ: AEP) , which operates the largest electricity transmission network in the U.S.
Image source: Getty Images.
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