Amazon, Google, Meta spent $90B+ quarterly on AI infra; Google Cloud backlog hit $460B. Demand outstrips supply, pre-selling capacity not yet built.

Amazon, Google, and Meta combined for over $90 billion in quarterly capex on AI infrastructure. The spending binge confirms a structural shift: growth is now gated by power, chips, and data center construction timelines.

Key facts

Amazon AWS revenue: $37.6B, up 28% year over year.

Google Cloud backlog: $460B+.

Meta quarterly capex: $19.8B.

Microsoft capex declined sequentially to $31.9B.

Google Cloud revenue grew 63% year over year.

First-quarter earnings from Amazon, Google, and Meta confirmed what Microsoft signaled last month: AI demand is growing faster than the industry can build capacity.…