Third-quarter hyperscaler capex was a record but no company raised its outlook. Alphabet spent $51.4B against about $55.1B expected, kept its 2026 range at $195-205B, said 2027 spending will increase significantly, and reported free cash flow of about negative $9.1B. Microsoft spent $45.2B including finance leases, 30% more than a year earlier but below a $50.7B estimate, and trimmed its full-year forecast to $170B from $175B on delayed third-party capacity deliveries, with Azure up 48%. Meta, on October 21, spent $34.9B and narrowed its 2026 range to $135-145B from $130-145B. CNBC described the AI buildout as hitting a snag.