**AI capex turns contracted**

The AI buildout already has about **$3.2T** of commitments locked in, making it look less discretionary than a normal capex cycle.

 **$GOOGL**, **$946B**, up **116% QoQ**.
 **$META**, **$731B**, up **59% QoQ**.
 **$MSFT**, **$672B**, up **50% QoQ**.
 **$AMZN**, **$453B**, up **13% QoQ**.
 **$ORCL**, **$349B**, up **16% QoQ**.

Hyperscalers are securing **compute, power and infrastructure** years in advance. 

The supply chain is starting to look like a **multi-year contracted buildout**.

**** **[@venture](https://t.me/venture)