102 …CapEx Spend @ Big Six* Tech Companies = 15% of Revenue & Accelerated vs. 8% Ten Years Ago *Note: Big Six USA technology companies include Apple, Nvidia, Microsoft, Alphabet / Google, Amazon, & Meta Platforms / Facebook. Only AWS CapEx & revenue shown for Amazon (i.e. excludes Amazon retail CapEx). AWS CapEx estimated per Morgan Stanley – equals AWS net additions to property & equipment less finance leases and obligations. Source: Capital IQ (3/25), Morgan Stanley (5/25) CapEx, $B (Blue Bars) CapEx as % of Revenue (Red Line) 0% 3% 6% 9% 12% 15% $0 $50 $100 $150 $200 $250 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 +21% / Year CapEx Spend – Big Technology Companies = Inflected With AI’s Rise Big Six* USA Public Technology Company – CapEx Spend ($B) vs. % of Revenue – 2014-2024, per Capital IQ & Morgan Stanley