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Hyperscaler stocks

Hyperscalers & Cloud

The biggest buyers, and the landlords of compute

The cloud platforms and internet giants that buy most of the AI hardware, build the largest data centers, and rent capacity back out. Their capital spending is the single biggest demand signal for the rest of the list.

CompanyTicker
Microsoft
HyperscalersSoftwareChips
Azure AI infrastructure, the OpenAI partnership, and Copilot across its software.
MSFT
Amazon
HyperscalersChips
AWS rents AI compute and builds its own Trainium and Inferentia chips.
AMZN
Alphabet
HyperscalersChipsSoftware
Gemini models, Google Cloud AI services, and in-house TPU accelerators.
GOOGL
Meta Platforms
HyperscalersChips
Among the largest AI capital spenders; trains Llama models for its own products.
META
Oracle
HyperscalersSoftware
Oracle Cloud Infrastructure rents large GPU clusters to AI labs.
ORCL
CoreWeave
Data centersHyperscalers
Primary: Data Centers
Specialist GPU cloud renting NVIDIA capacity to AI labs.
CRWV

Companies whose primary category is elsewhere but that also belong here are listed with their primary tag.

How hyperscalers companies earn from AI

Microsoft, Amazon, Alphabet, Meta and Oracle are the customers of almost everyone else on this site. They buy the chips, the memory, the networking, the power gear and the buildings, and they report that spending as capital expenditure. Four of them then sell the capacity back out as cloud services (Azure, AWS, Google Cloud, Oracle Cloud Infrastructure); Meta uses its capacity for its own advertising and assistant products and sells nothing. Their capex guidance is the single number that moves the rest of the list.

None of the five reports a clean AI revenue line. The closest proxies are cloud segment growth (Azure, AWS, Google Cloud, OCI), remaining performance obligations (contracted future revenue, which now runs into the hundreds of billions at Microsoft and Oracle), and the capex figure itself. Because the software, search and retail businesses are still most of each company, all five are rated significant rather than core.

Editorial, written from the reported figures on each company page. Company names link to those pages: MSFT, AMZN, GOOGL, META, ORCL.

The numbers right now

Reported by the companies; each line links to the release or filing it comes from.

What to watch in hyperscalers

  • The next quarterly reports (none of the five had announced a date as of September 17, 2026) and the capex guidance in them. A cut or a pause at any of the five is the first signal the build-out is slowing; every other category on this site trades on it. source
  • How the spending is funded: Oracle sold $20 billion of stock and reports negative free cash flow; Amazon sold £4.242 billion of sterling bonds on September 14, 2026. Debt and equity issuance is now part of the story. source
  • Remaining performance obligations at Microsoft and Oracle: whether contracted backlog keeps growing faster than the capacity to deliver it. source

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Latest 10-K, 10-Q and 8-K filings in Hyperscalers & Cloud

Source: SEC EDGAR