Column chart titled “Hyperscaler capital expenditures (actual and consensus)” showing annual capital expenditures by hyperscale technology companies from 2020 through 2030. Actual spending increased from $97 billion in 2020 to $131 billion in 2021, $159 billion in 2022, $154 billion in 2023, $241 billion in 2024, $416 billion in 2025, and $777 billion in 2026. Forecast spending remains elevated, projected at approximately $1.1 trillion in 2027, $1.2 trillion in 2028, $1.1 trillion in 2029, and $1.2 trillion in 2030. The chart illustrates a dramatic acceleration in hyperscaler capital investment, with spending expected to remain above $1 trillion annually through the end of the forecast period.