Major hyperscalers Microsoft, Alphabet, and Meta signaled a turning point in AI infrastructure during their second-quarter earnings calls, shifting focus from capital expenditure announcements to deployment challenges like power availability, networking scale, and speed. Microsoft reported opening 31 data centers during the quarter and 88 during fiscal 2026 across five continents, adding approximately one gigawatt of AI capacity and reducing 'dock-to-live' times for new GPU deployments by nearly 50%. CEO Satya Nadella noted customer demand still outstrips capacity, with roughly two-thirds of Microsoft's capital spending now targeting shorter-lived assets like CPUs and GPUs. Alphabet raised its 2026 capital expenditure outlook to between $195 billion and $205 billion, expecting further increases in 2027, with approximately 60% allocated to servers. CEO Sundar Pichai stated Google Cloud revenues accelerated to 82% growth due to AI infrastructure demand. Meta's CFO Susan Li framed the industry as historically underbuilt for AI adoption, expecting capacity to remain tight. Meta spent $31.1 billion on capital expenditures during the quarter, maintaining full-year guidance of $130 billion to $145 billion, while investing in long-lived assets and exploring long-duration debt and infrastructure partnerships to finance its buildout through 2027.