DIGITIMES observes that four major CSPs—Amazon, Alphabet, Microsoft, and Meta—each emphasized in their fourth-quarter 2025 earnings calls that AI is driving multiple core businesses and overall revenue growth.
They also expressed confidence that AI's synergistic impact will become more evident in 2026. Amazon, Alphabet, and Meta have released plans to significantly increase their near-term investments, bringing the four CSPs' combined 2026 capex to a record US$660 billion, representing a 74% year-over-year increase.
In the second half of 2025, combined cloud revenues for Amazon, Alphabet, and Microsoft reached US$79.1 billion in the third quarter and soared past the US$80 billion mark to US$86.2 billion in the fourth quarter.
Chart 1: Overall revenues of Amazon, Alphabet, Microsoft, and Meta, 1Q24-4Q25 (US$b)
Chart 2: Operating margins of Amazon, Alphabet, Microsoft, and Meta, 1Q24-4Q25
Chart 3: Combined revenue of Microsoft Azure, AWS, Google Cloud, 1Q24-4Q25 (US$b)
Chart 4: Cloud business revenues of major public cloud players, 1Q24-4Q25 (US$b)
Chart 5: Cloud business operating margin of major public cloud players, 1Q24-4Q25
Chart 6: RPO of major public cloud players, 1Q24-4Q25 (US$b)
Chart 7: Combined capex of Amazon, Microsoft, Meta and Alphabet, 1Q24-4Q25 (US$b)
Alphabet expands investments; Microsoft ups computing rental
Chart 9: Microsoft's capex, property and equipment purchases, 1Q24-4Q25 (US$b)
Chart 10: Planned and actual capex of top-4 CSPs, fiscal 2025-2026 (US$b)
Chart 11: Long-term debt payments of top-4 CSPs, fiscal 2026-2030 (US$b)
