97 CapEx Spend @ Big Six* Tech Companies (USA) = +21% Annual Growth Over Ten Years *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. Global data generation figures for 2024 are estimates. Source: Capital IQ (3/25), Hinrich Foundation (3/25) Global Data Generation, Zettabytes (Red Line) 0 30 60 90 120 150 $0 $50 $100 $150 $200 $250 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 CapEx Spend, $B (Blue Bars) As data volumes rise, CapEx required to build more hyperscale data centers, faster network infrastructure, & more compute capacity CapEx: +21% / Year Data: +28% / Year CapEx Spend – Big Technology Companies = On Rise for Years as Data Use + Storage Exploded Big Six* USA Public Technology Company CapEx Spend ($B) vs. Global Data Generation (Zettabytes) – 2014-2024, per Capital IQ & Hinrich Foundation