这些超大规模企业正在巨资投入以构建人工智能经济的物理骨干网络，且几乎没有放缓的迹象。
The hyperscalers are investing big to build out the physical backbone of the AI economy, and there's little sign of it slowing down.
亚马逊、Alphabet、Meta、微软和太空探索技术公司在其最新的财报中均报告资本支出大幅跃升，根据其业绩指引和披露的第四季度计划，它们有望在今年自然年支出8030亿至8280亿美元。这一数字涵盖广泛的资本支出，而不仅仅是人工智能。
Amazon, Alphabet, Meta, Microsoft, and SpaceX each reported a jump in capital expenditures in their latest earnings reports and are on track to spend between $803 billion and $828 billion this calendar year based on their guidance and disclosed fourth-quarter plans. That figure covers broad capital spending, not just on AI.
然而，各家公司的的高管一直指出，人工智能基础设施是支出的主要驱动力。并且他们都表示计划继续保持这一态势。
However, executives at each company have consistently pointed to AI infrastructure as the main driver in the spending surge. And they've all indicated that they plan to keep it up.
“我们继续预计2027年我们的资本支出将显著增加，”Alphabet首席财务官阿纳特·阿什肯纳齐在周三的第三季度财报电话会议上表示。
"We continue to expect our CapEx to increase significantly in 2027," Anat Ashkenazi, Alphabet CFO, said during its Q3 earnings call on Wednesday.
以下是部分数字的简要拆解：在这五家公司中，今年第三季度的总支出约为2270亿美元。这比这些公司上一季度支出的1885亿美元增加了约20%。亚马逊是最大的支出者，报告的现金资本支出为759亿美元。
Here's a quick breakdown of some of the numbers: Across all five companies, total spending for the third quarter of the calendar year was about $227 billion. That represents about a 20% increase from the $188.5 billion the companies spent the previous quarter. Amazon was the biggest spender, reporting $75.9 billion in cash capex.
首席财务官布赖恩·奥尔萨夫斯基在周四表示，该数字主要与亚马逊云科技和人工智能有关。
CFO Brian Olsavsky said on Thursday that the figure is primarily related to AWS and AI.
汇总前三个季度的总资本支出，这五家超大规模企业在2026年迄今已支出了惊人的5562亿美元。
Tallying up the total capex for all three quarters, the five hyperscalers have spent a whopping $556.2 billion so far in 2026.
埃隆·马斯克的太空探索技术公司仍然是该集团中支出最少的企业，资本支出为481亿美元，但其首席财务官布雷特·约翰森已表示，预计将在下一季度加大支出。
Elon Musk's SpaceX remains the smallest spender in the group with a capex of $48.1 billion, but its CFO, Bret Johnsen, has indicated that it expects to ramp up spending by the next quarter.
隐含的下一季度资本支出预测在2470亿至2720亿美元之间。
Next quarter's implied capex forecast ranges between $247 billion and $272 billion.
该区间的低端假设Meta和Alphabet达到了其全年资本支出区间的低端。
The low end of the range assumes Meta and Alphabet hit the low ends of their full-year capex ranges.
根据隐含的第四季度计算，亚马逊将是唯一一家支出较第三季度水平有所下降的公司。
Based on the implied fourth-quarter calculations, Amazon is the only company whose spending would decline from its third-quarter level.
首席执行官安迪·贾西在周四的财报电话会议上表示，亚马逊预计在2027年将支出“更多”。
CEO Andy Jassy said during Thursday's earnings call that Amazon expects to spend "meaningfully more in 2027."
微软预计自然年资本支出约为1700亿美元，由于第三方数据中心容量延迟，较先前的预期有所下调。
Microsoft expects calendar-year capex of about $170 billion, down from its prior outlook due to delays in third-party data-center capacity.
与此同时，亚马逊维持了今年约2200亿美元现金资本支出的预测。即便如此，2026年正成为一个支出巨大的年份。
Amazon, meanwhile, maintained its forecast for about $220 billion in cash capex this year. Even so, 2026 is turning out to be a huge spending year.
总体而言，这些公司预计今年将支出8030亿至8280亿美元。
Altogether, the companies are projected to spend between $803 billion and $828 billion this year.
这些公司尚未公布2027年资本支出的具体数字，但所有迹象都指向上升。
The companies haven't shared concrete numbers for 2027 capex, but all signs point upward.
“展望2026年以后，我们仍在制定明年的预算和容量计划，”Meta首席财务官苏珊·李在10月21该公司财报电话会议上表示，“但我们预计将继续进行激进投资，以支持我们的核心业务和新兴的人工智能举措。”
"Looking beyond 2026, we are still developing our budget and capacity plans for next year," Meta CFO Susan Li said during the company's earnings call on October 21, "but we expect to continue investing aggressively to support both our core business and emerging AI initiatives."