This article first appeared on GuruFocus.

U.S. tech giants are preparing to unleash an unprecedented wave of infrastructure spending, with total capital expenditures by hyperscalers projected to nearly triple to $1.4 trillion between 2025 and 2027, according to Goldman Sachs Global Investment Research.

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The forecast highlights the scale of investment flowing into artificial intelligence infrastructure and cloud computing capacity, marking a new phase of competition among Big Tech. A chart shared by Goldman’s Mike Zaccardi on X showed hyperscalers collectively spent about $485 billion between 2022 and 2024, underscoring how sharply outlays are set to accelerate.

Leading the spending race are Microsoft (NASDAQ:MSFT), Amazon Web Services (NASDAQ:AMZN), and Alphabet (NASDAQ:GOOGL). Microsoft is expected to see the steepest increase with capex jumping from $76 billion in 2024 to $376 billion over 20252027. AWS is forecast to rise from $49 billion to $321 billion, while Alphabet’s spend is seen climbing to $304 billion.

Meta Platforms (NASDAQ:META) and Oracle (NYSE:ORCL) are also stepping up. Meta is expected to allocate $279 billion over the period, while Oracle’s spending is forecast to surge from $11 billion to $115 billion.

Goldman said the dramatic jump underscores how cloud and AI infrastructure are becoming the new backbone of digital growth a trend reshaping global data, power, and capital markets.