Nasdaq Composite Falls 2.86%; Big Tech's 2026 Plans Top Out at $740 Billion

On Friday, the Nasdaq Composite closed 2.86% lower at 25,437.00; separate forecasts from four major technology companies put their 2026 capital-spending plans at a calculated $720 billion to $740 billion.

The index fell 729.25 points from its previous close. The closing level was recorded at 4 p.m. ET (20:00 UTC).

Alphabet's outlook is $195 billion to $205 billion, Amazon's is about $220 billion, Meta's is $135 billion to $145 billion, and Microsoft's calendar-year estimate is about $170 billion. The combined total is arithmetic across separate company outlooks, not a joint forecast.

Nasdaq Capital Access Platforms analysts Yanni Angelakos, Mike Cho and Zyra Cariaga wrote in an Oct. 30 note, “Concerns that AI capex is outpacing investment returns have defined the market zeitgeist.”

Free-cash-flow results varied across the companies, with different reporting periods and definitions. Earlier coverage reviewed the companies' cash-flow results. The spending outlooks also cover broader infrastructure and business needs, not AI alone.