# The CapEx Two-Step

> Source: <https://spyglass.org/the-capex-two-step/>
> Published: 2026-07-30 12:31:54+00:00

# The CapEx Two-Step

Microsoft's masterful management of CapExpectations...

It's that time of year again: quarterly earnings for Big Tech. And you know what that means... time for Wall Street to [freak out over CapEx spend](https://spyglass.org/wall-street-ai-capex/) related to AI build-out [once again](https://spyglass.org/apple-crazy-capex/). Sure enough, Google went first and upped their forecasted spend pushing the range past $200B for the first time. [The market puked](https://finance.yahoo.com/technology/article/google-falls-more-than-6-on-capex-growth-expectations-despite-earnings-beat-202407124.html?ref=spyglass.org). Next up, Meta. They simply raised the low-end of their previous guidance (to $130B up from $125B). [The market puked](https://www.reuters.com/business/meta-narrows-annual-capex-forecast-ai-buildout-grows-2026-07-29/?ref=spyglass.org).[ 1](#one) Then there's Microsoft...