Hyperscaler earnings paint a consistent picture: everyone is capacity-constrained and spending hundreds of billions.

Amazon's AWS grew 28% to $37.6B (15-quarter high) with $200B planned capex. Google Cloud grew 63% past $20B quarterly, but executives said growth was capacity-constrained. Microsoft's AI business hit $37B annual run rate, up 123%. Meta raised AI capex guidance to $125-145B while laying off 8,000. The pattern: demand exceeds supply at every major cloud provider simultaneously. If you're planning agent workloads that need to scale, lock in capacity commitments now.