Last Updated:
First Published:
The artificial-intelligence investment thesis has always rested on a single claim: The demand is real, the chips are scarce and the cash flows will follow.
On the demand side, the evidence holds. The four largest hyperscalers are tracking toward
roughly $700 billion in combined capital expenditure for 2026 — up more than 60% from 2025’s already record levels. Nvidia NVDA CEO Jensen Huang has put the company’s Blackwell and Vera Rubin opportunity at a combined $1 trillion through 2027. Nvidia’s fiscal first-quarter results, announced after the U.S. market close on May 20, confirmed this trajectory: $81.6 billion in revenue, up 85% year over year, with guidance for the current quarter set at $91 billion.
