The AI gold rush isn't slowing down.

Amazon, Google, Meta, and Microsoft all ramped up spending this quarter, posting record capex on AI chips, servers, and data centers.

Microsoft

• Spent $34.9B in capex last quarter, the highest in its history.

Amazon

• Spent $34.2B in capex in Q3.

• Plans to spend $125B on capex this year, up from $83B in 2024.

Google

• Spent $24B in capex in Q3, mostly on AI infrastructure.

• Raised full-year capex guidance to $91B to $93B, from $85B previously.

Meta

• Spent $19.4B in capex in Q3.

• Updated 2025 capex guidance to $70B to $72B, up from $66B to $72B (Nearly double the $39.2B spent in 2024).

• Expects capex to grow meaningfully next year.

More than $110B was spent on AI infrastructure in Q3 alone. And the spending isn’t slowing. Every major hyperscaler is seeing massive demand and is prepared to spend whatever it takes. This is a race none of them can afford to lose.

This is the leading sector right now. I’ve been saying this for a while. If you’re not exposed to AI yet, you’re missing out on of the biggest transformation in history.

One thing is clear, the demand for compute is massive.

Training AI, reasoning, agents, images, videos, robotics, self-driving cars. They all need huge amount of compute.

Go check out the thematic portfolio, if you haven’t already.

AI makes up the majority of the growth portfolio, and those positions are doing extremely well.

$CRDO $NVDA $PWR $NBIS $LEU $TSLA $GOOGL

And it’s not just them.

We’ve also seen blowout earnings recently from $CLS, $NVT, $WDC, $NXT, $APH, $STX, and $TER (just to name a few). These are the names you’ll want to keep an eye on for new positions, especially if the market pulls back here.

This is more confirmation that the AI wave is just getting started.