# The four major US hyperscalers are projected to spend 92 per cent of their operating cash flow on capex in 2026.

*semiconductor · news · 2026-05-02 · The Tribune*

## Key points

- US hyperscalers' capex will reach 92% of operating cash flow by 2026, up from 41% in 2023.
- Major tech companies' capex is projected at $700 billion in 2024 and $800 billion in 2025.
- Hyperscalers are expected to spend 28% of operating cash flow on DRAM in 2024.
- There are now only three global DRAM suppliers, down from twelve before 2012, creating supply constraints.
- Nvidia and others are signing 3-5 year DRAM supply agreements, altering the memory industry's investment cycle.

**Companies:** Nvidia
**Countries:** United States, India

[Read the full story on The Tribune](https://www.tribuneindia.com/news/business/ai-capex-boom-strains-hyperscalers-cash-flow-as-dram-makers-gain-pricing-power-says-jefferies/)

---

Canonical: https://newsio.io/n/e39a7765-cf44-4b7a-8fb0-38d6f85e7e6c/the-four-major-us-hyperscalers-are-projected-to-spend-92-per-cent-of-their-opera
Summarized by Newsio from The Tribune. https://newsio.io/how-it-works