# Amazon and Microsoft are now estimated to be leading the AI capex race, with infrastructure and AI-related investment trajectories approaching roughly $200 billion and $190 billion, respectively.

*genai, business · news · 2026-05-27 · Benzinga*

## Key points

- BlackRock warned that AI infrastructure spending is now a distinct new driver of inflation.
- Amazon and Microsoft are leading AI capex with spending targets of $200B and $190B, respectively.
- Aggregate AI-related spending by Amazon, Microsoft, Alphabet, and Meta is near $800 billion.
- Traditional market hedges like government bonds are now less reliable during this inflationary AI cycle.
- Markets have shifted from expecting Fed rate cuts to potentially anticipating further rate hikes.

BlackRock, Inc. (NYSE:BLK) reignited concerns when it warned that the AI infrastructure race is helping fuel inflationary pressure across the economy. Markets were already grappling with sticky inflation, rising energy prices and fresh supply-chain concerns tied to the Middle East conflict. But BlackRock's note suggests the AI boom itself may now be adding to the pressure. Amazon, Microsoft Lead AI Spending Spree Amazon and Microsoft are now estimated to be leading the AI capex race, with infrastructure and AI-related investment trajectories approaching roughly $200 billion and $190 billion, respectively. Alphabet's spending estimates sit near the $180 billion to $190 billion range, while Meta's AI push is estimated between roughly $125 billion and $145 billion. Taken together, the four tech giants alone are approaching nearly $800 billion in cumulative AI-related spending commitments. That money is pouring into: data centers, AI chips, electricity infrastructure, networking equipment, and cloud expansion. The result is that AI is no longer just a software trend — it is becoming a full-scale industrial investment cycle. AI May Be Keeping Bond Yields Elevated BlackRock also warned that traditional market hedges are becoming less reliable as inflation concerns intensify. The asset manager noted that both stocks and long-term government bonds have increasingly sold off together as investors price in higher inflation risks and rising "term premium" in Treasury yields. Markets have also dramatically shifted their interest-rate expectations in recent weeks, moving from pricing in Federal Reserve rate cuts to potentially anticipating rate hikes again. That creates an ironic setup for investors. For now, BlackRock said that strong corporate earnings continue to support its broader pro-risk stance. But the firm's message was clear: Wall Street's AI binge may be turning into a new inflation mega-force. Photo: Golden Dayz / Shutterstock

**Companies:** Amazon, Microsoft, Alphabet, Meta, BlackRock
**Countries:** United States

[Read the full story on Benzinga](https://www.benzinga.com/markets/tech/26/05/52814176/800-billion-ai-binge-amazon-microsoft-feeding-wall-street-worst-nightmare)

---

Canonical: https://newsio.io/n/b615e4a6-d783-45e6-a381-68e134a7f589/amazon-and-microsoft-are-now-estimated-to-be-leading-the-ai-capex-race-with-infr
Summarized by Newsio from Benzinga. https://newsio.io/how-it-works