The four major cloud computing giants are still in a historic cycle of capital expenditure expansion. Morgan Stanley predicts that their combined capital expenditure will rise from $413 billion in 2025 to $1.16 trillion in 2027, but will only further increase to $1.29 trillion in 2028, with the growth rate potentially decreasing from about 56% to 11%. This means that the market is currently concerned not only about the scale of expenditure, but also about how to redistribute orders in the supply chain after the high-growth phase ends.
