Eric Sheridan, co-head of TMT research at Goldman Sachs, noted that the AI infrastructure race will lead to sustained high capital expenditures by tech giants, with the AI supply-demand balance not expected to be achieved until the first half of 2028. Against this backdrop, Google's Q2 capital expenditures reached $44.9 billion, and it has raised its full-year capital expenditure guidance to $195 billion-$205 billion. Tesla has committed to $25 billion in capital expenditures in 2026, while SpaceX's Q2 capital expenditures were $18.4 billion, potentially reaching $65 billion for the full year. JPMorgan Chase previously warned that SpaceX could allocate $200 billion annually to AI spending over the next two years.