Wall Street’s AI Spending Warning Could Make Nvidia the Biggest Casualty

The artificial intelligence boom has become something larger than a technology cycle. It has evolved into a capital spending race where every major cloud provider feels compelled to build faster than its rivals.

Amazon (AMZN), Microsoft (MSFT), Alphabet (GOOG) (GOOGL), and Meta Platforms (META) are collectively on pace to spend roughly $757 billion on capital expenditures in 2026, according to Goldman Sachs Group (GS), with much of that directed toward AI infrastructure. That spending has fueled explosive growth for chipmakers like Nvidia (NVDA), but cracks are beginning to appear.