William Blair：2026年经济学周报：产能增长-这次情况不同（英文版）

The scale of investment spending today is astounding. Just four companies—Alphabet, Amazon, Meta, and Microsoft— spent a combined $376 billion on capex in 2025, equal to 28% of total S&P 500 capex. Comparisons with the late-1990s tech boom are inevitable, particularly in regard to how much productive capacity is being built.