Big Tech's AI spending is rising to levels rarely seen in modern history: Amazon, AMZN, Alphabet, GOOGL, Meta, META, Microsoft, MSFT, and Oracle, ORCL, are estimated to increase CapEx by +1.0 percentage point of US GDP in 2026, to a record 2.4%. That compares with 1.0% of GDP spent on CapEx by broadcasting and telecommunications companies in 1999. By 2027, Big Tech CapEx is projected to more than double to 3.1% of GDP, from 1.4% in 2025. By comparison, broadcasting and telecom CapEx peaked at 1.2% of GDP in 2000. To put this into perspective, Big Tech CapEx stood at 0.8% of GDP in 2024, the same level telecom CapEx recorded in 1997. The AI investment boom is materially exceeding the capital spending surge of the Dot-Com era.(The Kobeissi Letter)