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The market has been waiting for some sign of capex fatigue for years now. It hasn't happened. And there are no signs of it happening when companies report over the next couple of days.

The "always-on" inferencing phase of AI has arrived. Moreover, it shifted into an even higher gear since early February, as autonomous agents have exploded in numbers - running around the clock, executing tasks, managing workflows, transacting, calling other agents. It's a demand explosion.

If the top three cloud customers have committed $1.1 trillion in future revenue and are scaling AI capex into the infrastructure that fulfills it, then Google, Amazon and Meta should be guiding higher on capex, not lower. They should be confirming that AI demand is accelerating, not stabilizing.

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Originally published on April 28, 2026

Google ( GOOG , GOOGL ), Amazon ( AMZN ), Microsoft ( MSFT ) and Meta ( META ) report tomorrow.…