Hyperscaler Capex Surge and Financing Strain

Microsoft $130B leases, Q2 capex $41B up 70% YoY, Azure 43% growth (fastest in 4 years), stock surged 16%—validating buildout thesis and countering overinvestment fears. Meta Q2 FCF collapsed 91% to $784M, capex narrowed to $130-145B, 28 of 32 DCs in US, opened first AI-optimized data center in Temple, TX. Alphabet negative FCF, Oracle debt downgrade. Amazon lifting capex to $220B—massive signal confirming hyperscaler spending trajectory and memory cost pressure as new bottleneck. Investor skepticism rising ahead of earnings. Financing structures evolving (Meta-BlackRock JV, CleanCore JV). New supply chain bottleneck: hyperscaler $700B+ 2026 capex crowds out PCB capacity, driving 40% price hikes and prepayment demands. Land price competition intensifies: data centers outbidding residential developers 10-50x in NoVA. Synergy forecast confirms US capacity doubling in 3 years.