Big Tech Will Spend $745 Billion on AI This Year. These Stocks Get Paid on Every Dollar.

Big Tech's capex wave is headed straight into hardware suppliers' order books. AMZN, GOOGL, MSFT, and META are projected to spend a combined $745 billion on capital expenditures this year, primarily on data center infrastructure.

That spending flows to three named beneficiaries: NVDA through GPU sales, AVGO through custom AI chips, and ANET through networking equipment. Each captures a different layer of the buildout, which is the core of the thesis that these suppliers "get paid on every dollar."

Valuations diverge sharply across the group:

• ▸NVDA: 14x forward P/E, which the source characterizes as attractive.
• ▸AVGO: 18x forward P/E, paired with strong AI revenue growth projections.
• ▸ANET: 38x forward P/E, a premium multiple carrying deployment risks.

Interpretation: the multiples suggest the market prices NVDA and AVGO as cheaper ways to own the spending theme, while ANET's 38x leaves far less room for execution slippage. The gap between 14x and 38x is the clearest relative-value signal in the trio.

The $745 billion figure is a projection, not a commitment, so the demand picture for all three suppliers rests on hyperscaler budgets holding.