According to a new chart from Goldman Sachs Global Investment Research, US hyperscalers—AWS, Microsoft, Google, Meta, and Oracle—have significantly outpaced their Chinese counterparts—Alibaba, Tencent, ByteDance, and Baidu—in AI infrastructure capital expenditure from 2022 through projections for 2027. US capex rose from $156 billion in 2022 to $254 billion in 2024, $443 billion in 2025, and is projected to reach $764 billion in 2026 and $1.018 trillion in 2027. Chinese cloud providers spent $8 billion in 2022, $36 billion in 2024, $57 billion in 2025, with estimates of $102 billion in 2026 and $123 billion in 2027. In 2025, US hyperscalers spent roughly 7.8 times what their Chinese counterparts did; by 2027, US capex will still be around 8.3 times larger in absolute dollar terms. The article notes that US export controls on advanced chips have limited Chinese access to the highest-end Nvidia silicon, forcing companies to use domestic alternatives and older-generation hardware, which contributes to the comparatively modest capex figures.