The AI infrastructure buildout is entering a new phase: US tech companies are committing to spend a record $850 billion on data center leases over the next several years. This marks a +$570 billion YoY increase, or +204%, and +$200 billion QoQ increase, or +31%. Meta, META, added the most in Q1 2026, committing +$79 billion in new leases, a +76% QoQ increase, bringing its total to ~$183 billion. At the same time, Microsoft, MSFT, added +$41 billion, a +26% QoQ increase, bringing its total to ~$197 billion. Oracle leads with the largest total commitments at ~$250 billion, having already secured many of the key sites needed to fulfill its contract with OpenAI. Tech companies are doubling down on AI.(The Kobeissi Letter)