The Projection — a symmetric watercolor butterfly

The Projection

The surface is never the system.

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Capital · out

across 5 members — open each for the figure + sources

about Hyperscaler

aggregate of member nodes

Aggregate of 5 member claims — each member's sourced figures are below.

the working

Basis

aggregate of member nodes

Member claims 5

This is an aggregate — its evidence is the members' own claims.

  • Google ~$188B/yr out: ~$132B capex + ~$10B dividends + ~$17B buybacks (TTM); buybacks slowing
  • Microsoft ~$145B/yr out: ~$97B capex + ~$26B dividends + ~$22B buybacks (TTM)
  • Amazon ~$151B/yr out: ~$151B capex + $0 dividends + $0 buybacks (all cash into capex)
  • Meta ~$95B/yr out: ~$76B capex + ~$5B dividends + ~$13B buybacks (TTM); buybacks slowing
  • Oracle ~$61.7B/yr out: ~$55.7B capex + ~$5.8B dividends + ~$0.2B buybacks (FY26)

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A claim is one metric we assert about a node — the value is the summary, this page is the receipt. Sourced from kestrel; supersedes-history not yet shown. Back to Hyperscaler.