Alphabet、Meta以及Amazon AWS的资本开支 Capital expenditures of Alphabet, Meta, and Amazon AWS

市场现在过度担忧AI资本开支（CapEx）会拖累自由现金流，但美国银行认为，真正应该关注的不是CapEx本身的绝对金额，而是这些资本开支最终能沉淀成多少GW（吉瓦）的数据中心容量，以及每一GW容量能够产生多少收入。

The market is currently overly concerned that AI capex will weigh on free cash flow, but Bank of America believes the real focus shouldn't be on the absolute size of capex, but rather how much of it converts into gigawatts (GW) of data center capacity, and how much revenue each GW of capacity can ultimately generate.

BofA明确上调了Alphabet、Meta以及Amazon AWS的资本开支预测。Alphabet（谷歌）2026年CapEx预测从原先的1870亿美元上调至1950亿美元；2027年从2570亿美元上调至2900亿美元；2028年从3100亿美元上调至3300亿美元。

BofA has explicitly raised its capex forecasts for Alphabet, Meta, and Amazon AWS. Alphabet's (Google's) 2026 capex forecast was raised from $187 billion to $195 billion; 2027 was raised from $257 billion to $290 billion; and 2028 was raised from $310 billion to $330 billion.

Meta 2026年CapEx从1300亿美元上调至1450亿美元；2027年从1570亿美元上调至1850亿美元；2028年从1710亿美元上调至2100亿美元。

Meta's 2026 capex was raised from $130 billion to $145 billion; 2027 was raised from $157 billion to $185 billion; and 2028 was raised from $171 billion to $210 billion.