QUANTITATIVE Whitepaper

The Price of Intelligence 

Hyper 5 spent $1.1 trillion on capex in the past five years, with $5.3 trillion more expected by 2030  

View the Whitepaper


The AI build-out is now larger and more concentrated than the dot-com infrastructure boom. What signals should investors be watching?


The Price of Intelligence - Whitepaper Cover

S& Global Platts Crude & Refined Products Market

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod

Learn More

Banner Card Img

Register


Lorem Ipsum

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat.

Head Line 1

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat.

  • Lorem ipsum 1
  • Lorem ipsum 2
  • Lorem ipsum 3
Learn More
Head Line 2

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat.

  • Lorem ipsum 1
  • Lorem ipsum 2
  • Lorem ipsum 3
Learn More
Head Line 3

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat.

  • Lorem ipsum 1
  • Lorem ipsum 2
  • Lorem ipsum 3
Learn More
Head Line 4

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat.

  • Lorem ipsum 1
  • Lorem ipsum 2
  • Lorem ipsum 3
Learn More

Learn how the Hyper 5’s historic capex build-out and potential shift from cash to debt could reshape investment risk.

The artificial intelligence build-out has reached historically extreme investment intensity and unprecedented concentration. The Hyper 5 — Amazon, Alphabet, Microsoft, Meta and Oracle — have already spent $1.1 trillion on capex over the past five years, with Visible Alpha sell-side consensus forecasting a further $5.3 trillion between 2026 and 2030. New research from S&P Global Market Intelligence’s Quantitative Research & Solutions team examines the current capex cycle through the interaction between investment growth, earnings, cash flow and the cost of capital. While the build-out has so far been funded largely through cash flow, the key risk is a transition from cash- to debt-funded investment before returns on AI infrastructure validate the spending.

Explore the findings further.

Join our upcoming webinar, Anatomy of a Capex Melt-Up for an expert discussion of the paper’s findings. Learn to assess capacity growth, identify overcapacity risk and monitor constraints and financing shifts.

Increase your competitive edge with our latest cutting-edge research

Our Quantitative Research & Solutions (QRS) group harness the depth and uniqueness of S&P Global’s data and analytics to deliver forward-looking, data-driven insights. Through advanced quantitative methods, we transform complex information into actionable intelligence across markets, industries, and investment strategies. 

Browse the entire QRS Research collection >





Does this spark your interest?
Please fill in your details and are team will be in touch to set up a meeting. 


Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.

test

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.