Hyperscaler CAPEX investments are staggering: Amazon, Google, Microsoft, and Meta spent more than $400 billion on infrastructure in 2025 and are expected to reach over $600 billion in 2026. They’re on pace to surpass $2 trillion in cumulative CAPEX spend before the year is over. Meanwhile, U.S. telco CAPEX sits at $50 billion for 2025—and it's shrinking.

For this episode, Charles Fitzgerald, Managing Director at Platformonomics, returns for his fourth (!) appearance on Telco in 20 to break down his tenth annual Follow the CAPEX report. We dive into the hyperscaler spending surge, the two big telco AI plays coming out of MWC 2026—sovereign cloud and AI-RAN, and why the gap between infrastructure spenders and operators is impossible to close.

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This week’s guest:

Charles Fitzgerald is a Seattle-based angel investor, with a focus on developer platforms and infrastructure. Previously, he spent 20+ years working on platform businesses at Microsoft and VMware. He can see the cloud from his house.

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