a16z's State of Markets: hyperscaler capex nears $1 trillion a year
a16z Podcast · rss · 2026-09-30
a16z investors David George, Sarah Wang, Alex Immerman, and Santiago Rodriguez walk through 25 charts from the latest State of Markets presentation:
- Hyperscaler capex is approaching $1 trillion annually, with compute demand still outrunning supply and spilling into chips, power, construction, and physical infrastructure.
- Rising markets so far are supported by earnings rather than multiple expansion.
- OpenAI and Anthropic show rapid revenue growth, but a gap remains between AI deployment and measurable enterprise impact; agents are rising, inference costs are falling, and SaaS faces pressure.
- Their forward focus: consumer agents, robotics, autonomy, AI and biology, personal health, defense, and continued enterprise diffusion.
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