Data Center Index Weekly Recap
The data center infrastructure buildout hit another gear this week, with the equal-weighted basket surging on the back of **Amazon's** bombshell **$200B** capex guidance for 2026 and **Meta's** surpri
Week in Review
The data center infrastructure buildout hit another gear this week, with the equal-weighted basket surging on the back of Amazon's bombshell $200B capex guidance for 2026 and Meta's surprise $21B contract with CoreWeave. Power equipment and chip fab stocks led the charge as investors finally grasped the scale of what's coming.
DC Index Performance
The DC Index gained 8.9% for the week, with broad-based strength across all sectors. Powell Industries (+19.4%) and Intel (+17.0%) topped the leaderboard, while Nebius Group (+14.9%) and SK Hynix (+13.9%) rounded out the double-digit winners. Even semiconductor equipment names like Lam Research (+12.8%) and Applied Materials (+10.7%) participated meaningfully. The only laggard was Oracle (-1.9%), likely on concerns about competitive positioning as hyperscalers double down on in-house infrastructure.
Capex Spotlight
Amazon just reset the game with its $200B capex target for 2026, representing a 52% jump from the $131.8B it spent in 2025. This isn't incremental—it's a structural shift that validates our thesis about the multi-year AI infrastructure supercycle. Compare this to Google's $91.4B in 2025 capex (up 74% from $52.5B in 2024) and Meta's $69.7B (up 87% from $37.3B), and you're looking at a collective $360B+ in annual spending from just three hyperscalers. The supply chain math is simple: there isn't enough capacity for this level of simultaneous buildout, which means pricing power and allocation advantages for best-in-class suppliers.
Industry News
Meta's $21B deal with CoreWeave marks the largest single infrastructure contract we've tracked, signaling that hyperscalers are willing to pay premium prices to secure capacity. Meanwhile, Intel and Google expanded their CPU/IPU partnership just as Intel joins Musk's Terafab space computing project—both moves suggest Intel is finally finding its footing in the AI infrastructure stack. The UK grid reform proposal could create a two-tier market where hyperscalers get fast-tracked power connections while smaller players face longer waits, potentially consolidating market share among the largest operators.
What to Watch
Monitor CoreWeave's $4.25B convertible note raise—successful completion would validate private GPU cloud valuations and potentially trigger more hyperscaler partnerships. Also watch for Intel's Q1 earnings guidance revision, as the Google CPU deal and space computing contracts could materially impact 2026 projections.
Explore the full dataset, sector breakdowns, and project tracking on our dashboard at datacenterindex.ai.