Hyperscalers CapEx To Revenue
On average, hyperscalers spent 50% of their revenue on capital expenditure in Q1 2026. That is up 36 percentage points from 15% in Q1 2018.
5 Charts
• InfrastructureEconomics Of AI
Get AI Insights Across The Five-Layer Stack By Email
8 Themes
40 Charts
AI insights in your inbox at 11am UTC every day.
Free forever. Unsubscribe anytime.
Featured Theme
Explore unbiased, data-driven AI themes across the five-layer stack: applications, models, infrastructure, chips, and energy.
Latest Insights
Explore unbiased, data-driven AI insights across the five-layer stack: applications, models, infrastructure, chips, and energy.
AI Capital Expenditure
Hyperscalers CapEx To Revenue
On average, hyperscalers spent 50% of their revenue on capital expenditure in Q1 2026. That is up 36 percentage points from 15% in Q1 2018.
AI Capital Expenditure
Hyperscalers CapEx In The AI Era
Hyperscalers spent $156B on capital expenditure in Q1 2026. Between GPT-4 and GPT-5, expenditure more than tripled from $38B to $118B per quarter.
Z.ai
Z.ai Revenue Mix
Z.ai hit ¥724.33M in revenue in 2025 – up 132% YoY. Open Platform & API was the fastest-growing segment hitting ¥190.38M in revenue – up 293% YoY.
Z.ai
Z.ai 7-Day MA Ranked
In April 2026, among the AI Tigers, Z.ai models had a 151B seven-day moving average in tokens processed. It's decreased 9% month-over-month.