{
  "asOf": "2026-09-13",
  "period": "Quarter ended June 30, 2026",
  "periodEnd": "2026-06-30",
  "unit": "USD billions",
  "title": "Follow the capital",
  "methodology": "Company contribution widths use gross cash purchases/additions of property and equipment for the same calendar quarter. These are total-company investments, not a disclosed AI-only spending total. Acquisitions, investments in other companies, finance-lease additions and principal repayments are excluded. Amazon sales proceeds and incentives are not netted against purchases. Downstream links describe disclosed products or relationships and conditional industry exposure; they do not allocate the reported cash to suppliers. Power purchase agreements concern future operating electricity and are not PP&E allocations.",
  "downstreamLabel": "Disclosed uses and supplier exposure · dollar allocations not disclosed",
  "totalCapex": 165.05,
  "totalOcf": 171.759,
  "periods": [
    {"id":"2025-06-30","label":"Q2 2025","capex":88.246,"ocf":128.47},
    {"id":"2026-03-31","label":"Q1 2026","capex":129.75,"ocf":150.727},
    {"id":"2026-06-30","label":"Q2 2026","capex":165.05,"ocf":171.759}
  ],
  "relationshipLegend": [
    {"id":"disclosed","label":"Disclosed relationship","meaning":"The named parties publicly describe a product, supply arrangement or collaboration; amounts paid in the selected quarter are unavailable."},
    {"id":"internal","label":"Internal platform","meaning":"The buyer designs this platform itself; its internal spending and outside manufacturing costs are not separated here."},
    {"id":"indirect","label":"Indirect ecosystem","meaning":"The supplier has a disclosed relationship with a platform vendor, not a verified direct sale to this buyer."},
    {"id":"potential","label":"Potential exposure","meaning":"Relevant products or services exist; no buyer-specific award is established by the linked evidence."},
    {"id":"operating","label":"Operating power link","meaning":"Electricity procurement relationship, not an allocation of capital expenditure."}
  ],
  "companies": [
    {
      "id":"msft","name":"Microsoft","ticker":"MSFT","color":"#3268df","capex":35.802,"ocf":55.441,"reportedCapex":41,
      "reportedCapexBasis":"Management's rounded capital expenditure figure includes finance leases; the chart uses exact cash additions to PP&E from the cash-flow statement.",
      "source":{"label":"Microsoft FY2026 Q4 cash-flow statement","url":"https://www.microsoft.com/en-us/investor/earnings/fy-2026-q4/press-release-webcast","date":"2026-07-29"},
      "history":[
        {"periodEnd":"2025-06-30","label":"Q2 2025","capex":17.079,"ocf":42.647,"method":"Prior-year quarter in FY2026 Q4 cash-flow statement"},
        {"periodEnd":"2026-03-31","label":"Q1 2026","capex":30.876,"ocf":46.679,"method":"Reported quarter","source":{"label":"Microsoft FY2026 Q3 cash-flow statement","url":"https://www.microsoft.com/en-us/Investor/earnings/FY-2026-Q3/press-release-webcast","date":"2026-04-29"}},
        {"periodEnd":"2026-06-30","label":"Q2 2026","capex":35.802,"ocf":55.441,"method":"Reported quarter"}
      ],
      "destinations":[
        {"id":"compute","name":"Accelerators & custom silicon","explanation":"Azure combines purchased GPUs with its own Maia accelerators. The platform mix changes which supplier captures revenue; this disclosure does not split the cash PP&E total.","suppliers":[
          {"ticker":"NVDA","name":"NVIDIA","status":"disclosed","relationship":"Azure is a named Blackwell cloud platform partner. No selected-quarter purchase amount is disclosed.","source":{"label":"NVIDIA Blackwell platform partners","url":"https://nvidianews.nvidia.com/news/nvidia-blackwell-platform-arrives-to-power-a-new-era-of-computing","date":"2024-03-18"}},
          {"ticker":"MSFT","name":"Microsoft Maia","status":"internal","relationship":"Maia 200 is Microsoft's internal inference accelerator; its cost is not a separate external supplier payment.","source":{"label":"Microsoft Maia 200 architecture and deployment","url":"https://blogs.microsoft.com/blog/2026/01/26/maia-200-the-ai-accelerator-built-for-inference/","date":"2026-01-26"}},
          {"ticker":"TSM","name":"TSMC","status":"disclosed","relationship":"Microsoft identifies TSMC's 3nm process for Maia 200. Foundry payments and quarterly volumes are not disclosed.","source":{"label":"Microsoft Maia 200 fabrication disclosure","url":"https://blogs.microsoft.com/blog/2026/01/26/maia-200-the-ai-accelerator-built-for-inference/","date":"2026-01-26"}}
        ]},
        {"id":"memory","name":"Memory & storage","explanation":"Accelerators require fast memory and systems require data storage. Memory purchases can be embedded in a GPU or server invoice; counting them again would double-count the same capital.","suppliers":[
          {"ticker":"MU","name":"Micron","status":"indirect","relationship":"Micron discloses HBM4 and SOCAMM2 for NVIDIA Vera Rubin and Gen6 SSD integration. This establishes NVIDIA ecosystem exposure, not Microsoft's direct orders.","source":{"label":"Micron HBM4, SOCAMM2 and SSD platform disclosure","url":"https://investors.micron.com/news/press-release/2026/Micron-in-High-Volume-Production-of-HBM4-Designed-for-NVIDIA-Vera-Rubin-PCIe-Gen6-SSD-and-SOCAMM2-03-16-2026/default.aspx","date":"2026-03-16"}}
        ]},
        {"id":"physical","name":"Power, cooling & buildings","explanation":"Dense compute needs electrical equipment, cooling and completed buildings. Supplier examples below show product relevance; the power agreement is a separate operating relationship.","suppliers":[
          {"ticker":"VRT","name":"Vertiv","status":"potential","relationship":"Offers power and cooling reference architectures for NVIDIA systems. A Microsoft procurement award is not established here.","source":{"label":"Vertiv NVIDIA GB300 reference architecture","url":"https://www.vertiv.com/en-emea/about/news-and-events/news-releases/vertiv-develops-energy-efficient-cooling-and-power-reference-architecture-for-the-nvidia-gb300-nvl72/","date":"2025-06-11"}},
          {"ticker":"CEG","name":"Constellation Energy","status":"operating","relationship":"A disclosed 20-year Microsoft power purchase agreement supports the planned Crane nuclear restart. The agreement is not part of the PP&E allocation chart.","source":{"label":"Constellation and Microsoft power agreement","url":"https://www.constellationenergy.com/news/2024/Constellation-to-Launch-Crane-Clean-Energy-Center-Restoring-Jobs-and-Carbon-Free-Power-to-The-Grid.html","date":"2024-09-20"}}
        ]}
      ]
    },
    {
      "id":"meta","name":"Meta","ticker":"META","color":"#7b68d9","capex":30.116,"ocf":31.862,"reportedCapex":31.078,
      "reportedCapexBasis":"Cash purchases of PP&E plus $0.962bn finance-lease principal payments; management rounds the sum to $31.08bn.",
      "source":{"label":"Meta Q2 2026 cash-flow statement","url":"https://investor.atmeta.com/investor-news/press-release-details/2026/Meta-Reports-Second-Quarter-2026-Results/default.aspx","date":"2026-07-29"},
      "history":[
        {"periodEnd":"2025-06-30","label":"Q2 2025","capex":16.538,"ocf":25.561,"method":"Prior-year quarter in Q2 2026 release"},
        {"periodEnd":"2026-03-31","label":"Q1 2026","capex":18.997,"ocf":32.226,"method":"Derived from reported first half less second quarter: 49.113−30.116 and 64.088−31.862"},
        {"periodEnd":"2026-06-30","label":"Q2 2026","capex":30.116,"ocf":31.862,"method":"Reported quarter"}
      ],
      "destinations":[
        {"id":"compute","name":"Accelerators & custom silicon","explanation":"Meta publicly describes a diversified compute portfolio, including NVIDIA, AMD and internally designed MTIA chips co-developed with Broadcom. Announced capacity is not the same as recognized supplier revenue.","suppliers":[
          {"ticker":"NVDA","name":"NVIDIA","status":"disclosed","relationship":"Multi-year infrastructure partnership across GPUs, CPUs and networking; payment schedule is not disclosed.","source":{"label":"Meta NVIDIA infrastructure partnership","url":"https://about.fb.com/news/2026/02/meta-nvidia-announce-long-term-infrastructure-partnership/","date":"2026-02-17"}},
          {"ticker":"AMD","name":"AMD","status":"disclosed","relationship":"Meta identifies AMD among its compute partners. The linked disclosure does not assign a share of quarterly CapEx.","source":{"label":"Meta compute infrastructure explanation","url":"https://about.fb.com/news/2026/06/what-is-compute-power-meta-ai-infrastructure/","date":"2026-06-10"}},
          {"ticker":"AVGO","name":"Broadcom","status":"disclosed","relationship":"Meta names Broadcom as the co-development partner for multiple MTIA generations; amounts paid are undisclosed.","source":{"label":"Meta MTIA and Broadcom disclosure","url":"https://about.fb.com/news/2026/06/what-is-compute-power-meta-ai-infrastructure/","date":"2026-06-10"}}
        ]},
        {"id":"network","name":"Networking & optical fiber","explanation":"Networking moves data between accelerators and buildings. Ethernet platforms and fiber supply are different layers and should not be treated as interchangeable market shares.","suppliers":[
          {"ticker":"NVDA","name":"NVIDIA Spectrum-X","status":"disclosed","relationship":"Meta reports adopting the Spectrum-X Ethernet networking platform.","source":{"label":"Meta Spectrum-X adoption","url":"https://about.fb.com/news/2026/02/meta-nvidia-announce-long-term-infrastructure-partnership/","date":"2026-02-17"}},
          {"ticker":"GLW","name":"Corning","status":"disclosed","relationship":"Up to $6bn multi-year fiber agreement announced January 2026. This is a contract ceiling over multiple years, not Q2 cash spending.","source":{"label":"Meta Corning fiber supply agreement","url":"https://about.fb.com/news/2026/01/meta-6-billion-agreement-corning-support-us-manufacturing/","date":"2026-01-27"}}
        ]},
        {"id":"physical","name":"Power, cooling & buildings","explanation":"The deployment of dense compute expands the need for cooling, power distribution and construction. Equipment orders must be verified individually.","suppliers":[
          {"ticker":"VRT","name":"Vertiv","status":"potential","relationship":"NVIDIA-compatible power and cooling designs provide thematic exposure. This is not evidence of a Meta award.","source":{"label":"Vertiv NVIDIA GB300 reference architecture","url":"https://www.vertiv.com/en-emea/about/news-and-events/news-releases/vertiv-develops-energy-efficient-cooling-and-power-reference-architecture-for-the-nvidia-gb300-nvl72/","date":"2025-06-11"}},
          {"ticker":"ETN","name":"Eaton","status":"potential","relationship":"Supplies liquid-cooling products for NVIDIA infrastructure. Buyer-specific Meta revenue is not disclosed here.","source":{"label":"Eaton AI cooling solutions","url":"https://www.eaton.com/us/en-us/markets/data-centers/ai-machine-learning/scaling-ai-with-eatons-complete-liquid-cooling-systems.html","date":null}}
        ]}
      ]
    },
    {
      "id":"amzn","name":"Amazon","ticker":"AMZN","color":"#d08d38","capex":54.208,"ocf":45.387,"reportedCapex":53.076,
      "reportedCapexBasis":"Derived net cash purchases: $54.208bn gross purchases less $1.132bn property sales and incentives. Chart contribution uses gross purchases; Amazon's free-cash-flow definition uses net purchases. Amazon also invests in fulfillment and other non-AI assets.",
      "source":{"label":"Amazon Q2 2026 cash-flow statement","url":"https://ir.aboutamazon.com/news-release/news-release-details/2026/Amazon-com-Announces-Second-Quarter-Results/","date":"2026-07-30"},
      "history":[
        {"periodEnd":"2025-06-30","label":"Q2 2025","capex":32.183,"ocf":32.515,"method":"Prior-year quarter in Q2 2026 release"},
        {"periodEnd":"2026-03-31","label":"Q1 2026","capex":44.203,"ocf":26.032,"method":"Derived from reported first half less second quarter: 98.411−54.208 and 71.419−45.387"},
        {"periodEnd":"2026-06-30","label":"Q2 2026","capex":54.208,"ocf":45.387,"method":"Reported quarter"}
      ],
      "destinations":[
        {"id":"compute","name":"Accelerators & custom silicon","explanation":"AWS deploys NVIDIA systems alongside Trainium, its own accelerator. More AWS capital therefore does not translate one-for-one into NVIDIA sales.","suppliers":[
          {"ticker":"NVDA","name":"NVIDIA","status":"disclosed","relationship":"AWS and NVIDIA describe Blackwell systems and Project Ceiba. The release does not identify selected-quarter spending.","source":{"label":"AWS NVIDIA Blackwell collaboration","url":"https://nvidianews.nvidia.com/news/aws-nvidia-generative-ai-innovation","date":"2024-03-18"}},
          {"ticker":"AMZN","name":"AWS Trainium","status":"internal","relationship":"Project Rainier uses AWS-designed Trainium2 chips; internal design and outside manufacturing expenses are not separated in total PP&E.","source":{"label":"AWS Trainium2 and Project Rainier","url":"https://press.aboutamazon.com/2024/12/aws-trainium2-instances-now-generally-available","date":"2024-12-03"}}
        ]},
        {"id":"network","name":"Networking & optical fiber","explanation":"Large clusters require networking within racks and between data centers. Public agreements establish supplier relevance without providing quarterly allocation weights.","suppliers":[
          {"ticker":"GLW","name":"Corning","status":"disclosed","relationship":"Amazon announced a multi-year, multi-billion-dollar optical fiber and connectivity agreement. No exact total or Q2 recognized payment is published in this source.","source":{"label":"Amazon Corning supply agreement","url":"https://www.aboutamazon.com/news/company-news/amazon-corning-fiber-optics-1000-jobs-north-carolina","date":"2026-06-08"}},
          {"ticker":"AMZN","name":"AWS EFA & Nitro","status":"internal","relationship":"AWS supplies its own networking and virtualization platform around NVIDIA systems; outside component suppliers are not specified.","source":{"label":"AWS EFA and Nitro in Blackwell systems","url":"https://nvidianews.nvidia.com/news/aws-nvidia-generative-ai-innovation","date":"2024-03-18"}}
        ]},
        {"id":"physical","name":"Power, cooling & buildings","explanation":"AWS data-center expansion requires buildings, grid access and cooling. The company-wide PP&E total also includes logistics, so this is not an AWS-only flow.","suppliers":[
          {"ticker":"ETN","name":"Eaton","status":"potential","relationship":"AI electrical and cooling product exposure. The source does not establish an Amazon procurement award.","source":{"label":"Eaton AI cooling solutions","url":"https://www.eaton.com/us/en-us/markets/data-centers/ai-machine-learning/scaling-ai-with-eatons-complete-liquid-cooling-systems.html","date":null}},
          {"ticker":"VRT","name":"Vertiv","status":"potential","relationship":"High-density power and cooling reference designs. No Amazon-specific purchase is assumed.","source":{"label":"Vertiv NVIDIA GB300 reference architecture","url":"https://www.vertiv.com/en-emea/about/news-and-events/news-releases/vertiv-develops-energy-efficient-cooling-and-power-reference-architecture-for-the-nvidia-gb300-nvl72/","date":"2025-06-11"}}
        ]}
      ]
    },
    {
      "id":"googl","name":"Alphabet","ticker":"GOOGL","color":"#278477","capex":44.924,"ocf":39.069,"reportedCapex":44.924,
      "reportedCapexBasis":"Cash purchases of property and equipment. The company reports both Google Services and Google Cloud infrastructure; the release does not disclose an AI-only split.",
      "source":{"label":"Alphabet Q2 2026 SEC earnings exhibit","url":"https://www.sec.gov/Archives/edgar/data/1652044/000165204426000066/googexhibit991q22026.htm","date":"2026-07-22"},
      "history":[
        {"periodEnd":"2025-06-30","label":"Q2 2025","capex":22.446,"ocf":27.747,"method":"Prior-year quarter in Q2 2026 cash-flow statement"},
        {"periodEnd":"2026-03-31","label":"Q1 2026","capex":35.674,"ocf":45.79,"method":"Reported quarter in Q2 2026 free-cash-flow reconciliation"},
        {"periodEnd":"2026-06-30","label":"Q2 2026","capex":44.924,"ocf":39.069,"method":"Reported quarter"}
      ],
      "destinations":[
        {"id":"compute","name":"Accelerators & custom silicon","explanation":"Google runs its own TPU system as well as NVIDIA GPU services. Cloud capacity growth can benefit both internal and third-party platforms.","suppliers":[
          {"ticker":"GOOGL","name":"Google TPU / Axion","status":"internal","relationship":"Google's Ironwood TPU and Arm-based Axion processors form part of its integrated AI Hypercomputer. Supplier-level cash payments are not separated.","source":{"label":"Google Ironwood and Axion systems","url":"https://cloud.google.com/blog/products/compute/ironwood-tpus-and-new-axion-based-vms-for-your-ai-workloads","date":"2025-11-06"}},
          {"ticker":"NVDA","name":"NVIDIA","status":"disclosed","relationship":"Google Cloud is a named Blackwell cloud platform partner. This is not a disclosed share of Alphabet's Q2 capital expenditure.","source":{"label":"NVIDIA Blackwell platform partners","url":"https://nvidianews.nvidia.com/news/nvidia-blackwell-platform-arrives-to-power-a-new-era-of-computing","date":"2024-03-18"}}
        ]},
        {"id":"network","name":"Networking, memory & storage","explanation":"Google describes high-bandwidth memory, inter-chip interconnects and optical circuit switching as an integrated system. These features establish bottlenecks, not a public vendor bill of materials.","suppliers":[
          {"ticker":"GOOGL","name":"Google ICI / OCS","status":"internal","relationship":"Google identifies its inter-chip fabric and optical circuit switching architecture. External optical and memory suppliers are not identified in this disclosure.","source":{"label":"Google AI Hypercomputer architecture","url":"https://cloud.google.com/blog/products/compute/ironwood-tpus-and-new-axion-based-vms-for-your-ai-workloads","date":"2025-11-06"}},
          {"ticker":"MU","name":"Micron","status":"indirect","relationship":"NVIDIA-system memory and storage exposure only. No claim is made that Micron supplies Ironwood or a specified Google purchase.","source":{"label":"Micron NVIDIA platform relationship","url":"https://investors.micron.com/news/press-release/2026/Micron-in-High-Volume-Production-of-HBM4-Designed-for-NVIDIA-Vera-Rubin-PCIe-Gen6-SSD-and-SOCAMM2-03-16-2026/default.aspx","date":"2026-03-16"}}
        ]},
        {"id":"physical","name":"Power, cooling & buildings","explanation":"Google operates liquid-cooled compute systems and supports future electricity supply. Electricity procurement should be evaluated separately from equipment capital spending.","suppliers":[
          {"ticker":null,"name":"Kairos Power / TVA","status":"operating","relationship":"TVA purchases output from the planned Hermes 2 reactor; Google procures clean-energy attributes through TVA. This is a future operating energy relationship, not Q2 PP&E.","source":{"label":"Google Kairos TVA nuclear agreement","url":"https://blog.google/company-news/outreach-and-initiatives/sustainability/google-first-advanced-nuclear-reactor-project-with-kairos-power-and-tennessee-valley-authority/","date":"2025-08-18"}},
          {"ticker":"ETN","name":"Eaton","status":"potential","relationship":"Relevant electrical and cooling products. Google-specific orders are not established by this evidence.","source":{"label":"Eaton AI cooling solutions","url":"https://www.eaton.com/us/en-us/markets/data-centers/ai-machine-learning/scaling-ai-with-eatons-complete-liquid-cooling-systems.html","date":null}}
        ]}
      ]
    }
  ]
}