Amazon:
“We are monetizing capacity as fast as we can install it.”
“I think every provider would tell you, including us, that we could actually grow faster if we had all the supply that we could take.”
“We expect to invest about $200 billion in capital expenditures across Amazon, but predominantly in AWS, because we have very high demand.”
“Our backlog is $244 billion. That’s up 40% year over year. I think it’s up 22% quarter over quarter.”
Google:
“We’ve been supply constrained even as we’ve been ramping up our capacity.”
“Backlog grew by 55% quarter over quarter to $240 billion representing a wide breadth of customers driven by demand for AI products.”
“Today, more than 120,000 enterprises use Gemini…”
Microsoft:
“Our customer demand continues to exceed our supply.”
“We’re working as hard as we can to add capacity as quickly as we can… we need to make sure we’ve got power and land and facilities available.”
“Github Copilot Pro Plus subs for individual devs increased 77% quarter over quarter, and all up now, we have 4.7 million paid Copilot subscribers, up 75% year over year.”
Commercial (backlog) remaining performance obligation, continues to be reported net of reserves, increased to $625 billion. And was up 11% year over year with a weighted average duration of approximately two and a half years.”
Meta:
“On your first question, we do continue to be capacity constrained.”
“Anticipate 2026 capital expenditures… to be in the range of $115 to $135 billion with year-over-year growth driven by increased investment to support our Meta Superintelligence Labs efforts and core business.”
“I would say that we think that there is room for our larger models to benefit from having more compute.”
AI demand quotes from big tech earnings calls
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Meanwhile, Reddit users with $500 invested in stocks confidently claim: No AI demand, AI demand is fake, businesses don’t find value in AI, AI slop this and that, but Michael Burry said, no one is making any money from AI, AI has no moat, AI has no business model, but circular economy, it’s just a collusion to keep the AI bubble going
When are people finally going to realize that the huge CapEx is almost entirely due to real AI demand?
Not only that but models continue to get smarter, faster. The intelligence graph is accelerating. https://metr.org/blog/2025-03-19-measuring-ai-ability-to-complete-long-tasks/
There’s a massive difference between ‘demand’ and ‘manufactured necessity.’ If the only car on the lot is an EV, you can’t point to sales figures and claim everyone hates gas.
When Microsoft, Google, and AWS decide AI is the only thing they’re building, ‘demand’ is just a measure of how many people were forced to move into the only house left on the block. We aren’t seeing a ‘Product Revolution’; we’re seeing the ‘Big Phone’ strategy applied to software.
They’ve stopped making the ‘small phone’ (lean, stable, non-AI software) and are now telling us that the 100% market share of ‘big phones’ proves we never wanted anything else.