The cumulative capital expenditure index for major hyperscalers has surged to approximately 6,800, reflecting the AI boom's full entry into infrastructure build-out. Data as of June 30, 2026, shows that spending on chips and data centers by Microsoft, Amazon, Alphabet (Google), Oracle, and Meta has significantly outpaced their free cash flow growth. The indexed chart, using December 31, 2011 as a baseline of 100, highlights one of the largest corporate investment waves in recent years. Analysts draw parallels to the late 1990s telecom boom, noting that while current investments expand capacity, they may shift economic rents elsewhere in the ecosystem. Identifying future constraints is now considered as critical as recognizing the beneficiaries of this cycle.