GOOGL + AMZN Deep Dive: Future of Hyperscalers - Raising Rev, CapEx, & EPS Ests. All Eyes On '28

Research evidence excerpt

GOOGL + AMZN Deep Dive: Future of Hyperscalers - Raising Rev, CapEx, & EPS Ests. All Eyes On '28

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GOOGL + AMZN Deep Dive: Future of Hyperscalers - June 9, 2026

Raising Rev, CapEx, & EPS Ests. All Eyes On '28

The Wolfe Byte

We're raising ’26/'27 GCP Rev. growth to 81%/48% (11%/8% above Street) & '27 GOOGL CapEx to $300B (26%

above Street), & add 15GW in '28. We're raising our ’26/'27 AWS Rev. growth to 37%/44% (6%/19% above Street)

& '27 AMZN CapEx to $280B (27% above Street), & add 6GW in ’28.

II (Extel) voting window is open and we’ll appreciate your support! 5-stars Internet Large and SMID Cap!

Join us for the webcast Tuesday 11:30 am ET (registration link here). We will discuss:

●Hyperscaler debate around GCP & AWS's revenue concentration + vertical integration + hardware sales + capital

raise + FCF.

●This note, including GCP & AWS GW expansion & our ests. + our Rev, CapEx, & EPS frameworks + Anthropic

Rev. contribution + GCP ROIC trends & OI margins.

●META's recent initiatives around subscription + Business agents + potential capital raise + CapEx (our deep dive

here).

In this note you will find our detailed frameworks for 2025 – 2030 Revenue, CapEx, GW Capacity, and ROIC for

GCP & AWS.

For GCP, we highlight the following:

1. Raising Rev & EPS Ests: '26 Rev growth to 81% Y/Y (vs. Street at 63%) and '28 Revenue to reach ~$235B (9%

above the Street, see exhibit 2). We adjusted our share count post the ~$85B raise and yet raise our '27 and '28

ests to $15.27 (vs. Street at $14.72) and $18.76 (vs. Street at $17.23).

2. Raising CapEx Ests to $300B+ for '27 (vs. the Street at $242B) and '28 CapEx to $400B (vs. the Street at $262B).

3.