{
  "report_id": "theme_ai_capex_node_hyperscaler_cloud_capex_budgets",
  "report_type": "theme_value_chain_node",
  "site_path": "themes/ai-capex-cycle/nodes/hyperscaler-cloud-capex-budgets/index.html",
  "title": "Hyperscaler And Cloud Capex Budgets",
  "as_of": "2026-06-12",
  "generated_at": "2026-06-13T13:30:00-07:00",
  "freshness": {
    "price_data_as_of": "2026-06-12",
    "daily_ohlc_latest": "2026-06-12",
    "completed_weekly_setup_as_of": "2026-06-12",
    "chart_interval": "weekly",
    "knowledge_reviewed_as_of": "2026-06-13",
    "active_common_stocks": 5274,
    "filtered_coverage_count": 4991
  },
  "revision": {
    "version": 3,
    "updated_label": "Node-page visual format, basket cards, and June 12 API provenance refresh",
    "metadata_path": "themes/ai-capex-cycle/nodes/hyperscaler-cloud-capex-budgets/report.json"
  },
  "node": {
    "slug": "hyperscaler-cloud-capex-budgets",
    "order": 2,
    "level": "L3 core underwriting node",
    "role": "Tracks whether hyperscaler and cloud platform capex budgets convert AI demand into usable data-center, compute, networking, storage, power, land, and lease capacity.",
    "description": "Hyperscaler and cloud capex budgets is the approval, financing, procurement, and utilization layer that turns AI demand into data-center campuses, accelerator clusters, custom silicon, networking, storage, power contracts, leases, land, and construction. The budget creates shareholder economics only when that capacity becomes cloud revenue, ad or productivity monetization, backlog or RPO conversion, operating income, utilization, and FCF after capex, depreciation, leases, power, financing claims, and component costs. The current basket ranks MSFT first for Azure, RPO, Copilot, and cash-generation evidence; GOOGL second for Cloud backlog, Cloud margin, and Search-funded AI distribution; AMZN third because AWS is the direct cloud profit pool but current FCF conversion is weaker; META fourth because Family of Apps funds the buildout but the local lane still lacks a clean AI infrastructure to FCF bridge; and ORCL fifth as a charted OCI/RPO addition with larger funding, lease, customer-concentration, and FCF risk."
  },
  "ticker_baskets": {
    "core": [
      "MSFT",
      "GOOGL",
      "AMZN",
      "META",
      "ORCL"
    ],
    "option": [],
    "watch": []
  },
  "demand_origin_refs": [
    "MSFT",
    "GOOGL",
    "AMZN",
    "META",
    "ORCL"
  ],
  "chart_artifacts": [
    {
      "chart_id": "chart-msft",
      "ticker": "MSFT",
      "source_table": "reports.weekly_ohlc+discovery.daily_ohlc",
      "chart_interval": "weekly",
      "aggregation": "weekly bars grouped from daily rows by calendar week; open is first row, high is weekly max, low is weekly min, close is final row, volume is summed",
      "indicators": [
        "20w_ema",
        "100w_ema",
        "weekly_volume",
        "20w_average_volume"
      ],
      "indicator_method": "20-week and 100-week exponential moving averages computed from weekly closes using full available weekly history before visible-window clipping; weekly volume bars shown with a 20-week average volume line",
      "price_data_as_of": "2026-06-12",
      "visible_years": 3,
      "visible_start_date": "2023-06-16",
      "visible_end_date": "2026-06-12",
      "rendering": "report_api_right_rail",
      "fallback_table": false
    },
    {
      "chart_id": "chart-googl",
      "ticker": "GOOGL",
      "source_table": "reports.weekly_ohlc+discovery.daily_ohlc",
      "chart_interval": "weekly",
      "aggregation": "weekly bars grouped from daily rows by calendar week; open is first row, high is weekly max, low is weekly min, close is final row, volume is summed",
      "indicators": [
        "20w_ema",
        "100w_ema",
        "weekly_volume",
        "20w_average_volume"
      ],
      "indicator_method": "20-week and 100-week exponential moving averages computed from weekly closes using full available weekly history before visible-window clipping; weekly volume bars shown with a 20-week average volume line",
      "price_data_as_of": "2026-06-12",
      "visible_years": 3,
      "visible_start_date": "2023-06-16",
      "visible_end_date": "2026-06-12",
      "rendering": "report_api_right_rail",
      "fallback_table": false
    },
    {
      "chart_id": "chart-amzn",
      "ticker": "AMZN",
      "source_table": "reports.weekly_ohlc+discovery.daily_ohlc",
      "chart_interval": "weekly",
      "aggregation": "weekly bars grouped from daily rows by calendar week; open is first row, high is weekly max, low is weekly min, close is final row, volume is summed",
      "indicators": [
        "20w_ema",
        "100w_ema",
        "weekly_volume",
        "20w_average_volume"
      ],
      "indicator_method": "20-week and 100-week exponential moving averages computed from weekly closes using full available weekly history before visible-window clipping; weekly volume bars shown with a 20-week average volume line",
      "price_data_as_of": "2026-06-12",
      "visible_years": 3,
      "visible_start_date": "2023-06-16",
      "visible_end_date": "2026-06-12",
      "rendering": "report_api_right_rail",
      "fallback_table": false
    },
    {
      "chart_id": "chart-meta",
      "ticker": "META",
      "source_table": "reports.weekly_ohlc+discovery.daily_ohlc",
      "chart_interval": "weekly",
      "aggregation": "weekly bars grouped from daily rows by calendar week; open is first row, high is weekly max, low is weekly min, close is final row, volume is summed",
      "indicators": [
        "20w_ema",
        "100w_ema",
        "weekly_volume",
        "20w_average_volume"
      ],
      "indicator_method": "20-week and 100-week exponential moving averages computed from weekly closes using full available weekly history before visible-window clipping; weekly volume bars shown with a 20-week average volume line",
      "price_data_as_of": "2026-06-12",
      "visible_years": 3,
      "visible_start_date": "2023-06-16",
      "visible_end_date": "2026-06-12",
      "rendering": "report_api_right_rail",
      "fallback_table": false
    },
    {
      "chart_id": "chart-orcl",
      "ticker": "ORCL",
      "source_table": "reports.weekly_ohlc+discovery.daily_ohlc",
      "chart_interval": "weekly",
      "aggregation": "weekly bars grouped from daily rows by calendar week; open is first row, high is weekly max, low is weekly min, close is final row, volume is summed",
      "indicators": [
        "20w_ema",
        "100w_ema",
        "weekly_volume",
        "20w_average_volume"
      ],
      "indicator_method": "20-week and 100-week exponential moving averages computed from weekly closes using full available weekly history before visible-window clipping; weekly volume bars shown with a 20-week average volume line",
      "price_data_as_of": "2026-06-12",
      "visible_years": 3,
      "visible_start_date": "2023-06-16",
      "visible_end_date": "2026-06-12",
      "rendering": "report_api_right_rail",
      "fallback_table": false
    }
  ],
  "links_out": [
    "theme_ai_capex_cycle",
    "theme_power_scarcity_and_grid_load",
    "theme_ai_capex_node_ai_cloud_capacity_financing",
    "theme_memory_and_component_scarcity"
  ],
  "knowledge_sources": [
    "../../../../../knowledge/wiki/concepts/themes/ai-capex-cycle.md",
    "../../../../../knowledge/wiki/lanes/sector/information-technology.md",
    "../../../../../knowledge/wiki/lanes/sector/communication-services.md",
    "../../../../../knowledge/wiki/concepts/themes/funding-dependency-and-duration-tolerance.md",
    "../../../../../knowledge/wiki/concepts/themes/power-scarcity-and-grid-load.md",
    "../../../../../knowledge/wiki/concepts/themes/memory-and-component-scarcity.md",
    "../../../../../knowledge/wiki/lanes/security/msft.md",
    "../../../../../knowledge/wiki/lanes/security/googl.md",
    "../../../../../knowledge/wiki/lanes/security/amzn.md",
    "../../../../../knowledge/wiki/lanes/security/meta.md",
    "../../../../../knowledge/wiki/lanes/security/orcl.md"
  ],
  "external_sources": [
    "https://www.microsoft.com/en-us/investor/earnings/fy-2026-q3/press-release-webcast",
    "https://www.microsoft.com/en-us/investor/earnings/fy-2026-q3/metrics",
    "https://www.microsoft.com/en-us/investor/events",
    "https://www.sec.gov/Archives/edgar/data/1652044/000165204426000043/googexhibit991q12026.htm",
    "https://abc.xyz/investor/",
    "https://ir.aboutamazon.com/news-release/news-release-details/2026/Amazon-com-Announces-First-Quarter-Results/default.aspx",
    "https://ir.aboutamazon.com/quarterly-results/default.aspx",
    "https://investor.atmeta.com/investor-news/press-release-details/2026/Meta-Reports-First-Quarter-2026-Results/",
    "https://investor.atmeta.com/events/default.aspx",
    "https://investor.oracle.com/investor-news/news-details/2026/Oracle-Announces-Fiscal-Year-2026-Third-Quarter-Financial-Results/default.aspx",
    "https://investor.oracle.com/investor-news/news-details/2026/Oracle-Sets-the-Date-for-its-Fourth-Quarter-Fiscal-Year-2026-Earnings-Announcement/default.aspx",
    "https://investor.oracle.com/investor-news/news-details/2026/Oracle-Announces-Fiscal-Year-2026-Fourth-Quarter-and-Full-Year-Financial-Results/default.aspx",
    "https://investor.oracle.com/events-and-presentations/default.aspx"
  ],
  "earnings_date_sources": {
    "accessed": "2026-06-13",
    "status": "No confirmed next earnings dates were available from the inspected company IR event pages and financial-calendar searches; basket cards use Not confirmed.",
    "tickers": {
      "MSFT": "Microsoft investor events and Nasdaq/financial-calendar search inspected; not confirmed.",
      "GOOGL": "Alphabet investor relations and financial-calendar search inspected; not confirmed.",
      "AMZN": "Amazon investor relations quarterly results/events and financial-calendar search inspected; not confirmed.",
      "META": "Meta investor events and Q1 results pages plus financial-calendar search inspected; not confirmed.",
      "ORCL": "Oracle investor events and post-Q4 release pages plus financial-calendar search inspected; not confirmed."
    }
  },
  "latest_quarter_revenue_sources": {
    "MSFT": "Q3 FY26 total revenue $82.886B; Microsoft FY26 Q3 press release and metrics table.",
    "GOOGL": "Q1 2026 total revenue $109.896B; Alphabet Q1 2026 release.",
    "AMZN": "Q1 2026 consolidated net sales $181.519B; Amazon Q1 2026 release.",
    "META": "Q1 2026 total revenue $56.311B; Meta Q1 2026 release.",
    "ORCL": "Q4 FY26 total revenue about $19.18B; Oracle June 2026 fiscal fourth-quarter release and financial-calendar coverage inspected 2026-06-13. Canonical ORCL lane still needs Q4 refresh."
  },
  "discovery_sources": [
    {
      "kind": "status",
      "label": "MSFT, GOOGL, AMZN, META, and ORCL local daily_ohlc coverage",
      "query_ref": "discovery:status:MSFT|GOOGL|AMZN|META|ORCL"
    },
    {
      "kind": "lineage-status",
      "label": "MSFT, GOOGL, AMZN, META, and ORCL daily_ohlc lineage status",
      "query_ref": "discovery:lineage-status:daily_ohlc:MSFT|GOOGL|AMZN|META|ORCL"
    },
    {
      "kind": "duckdb_readonly_query",
      "label": "Latest daily_ohlc close and volume rows for MSFT, GOOGL, AMZN, META, and ORCL",
      "query_ref": "discovery:duckdb:daily_ohlc_latest_close_volume:hyperscaler-cloud-capex-budgets:2026-06-12"
    },
    {
      "kind": "duckdb_readonly_query",
      "label": "Local market-cap calculation from daily_ohlc close and instruments weighted shares outstanding",
      "query_ref": "discovery:duckdb:daily_ohlc_close_x_weighted_shares_outstanding:hyperscaler-cloud-capex-budgets:2026-06-12"
    },
    {
      "kind": "report_api_check",
      "label": "Representative selected-security chart API check for MSFT",
      "query_ref": "reports-api:/api/securities/MSFT/chart?frequency=weekly&window=3y&as_of=latest:resolved_as_of=2026-06-12"
    }
  ]
}