The biggest US tech firms now plan to spend as much as $725 billion this year on capital expenditures, primarily on AI data center equipment.

Alphabet Inc and Meta Platforms Inc both raised their full-year guidance for capex, while Microsoft Corp gave its first estimate for spending through the end of December, matching Alphabet at $190 billion.

Amazon.com Inc was alone among the big four data center developers — which have come to be referred to as the industry’s hyperscalers — to keep its figures unchanged, at $200 billion, though it reported a surge in spending in the March quarter that whittled down its free cash flow.

“We are increasing our infrastructure capex forecast for this year,” Meta Chief Executive Officer Mark Zuckerberg said on a call with analysts on Wednesday. The company raised the upper boundary of its planned range of spending to $145 billion.

“Most of that is due to higher component costs, particularly memory pricing. But every sign that we’re seeing in our own work and across the industry gives us confidence in this investment.”

The increased spending was bolstered by strong results across the four multitrillion-dollar companies, which met or exceeded expectations across a number of metrics.

Still, the market reaction was not uniform, as Amazon and Alphabet delivered more impressive results than Meta, whose spending was also seen as riskier than its peers operating cloud computing services that would allow them to rent out any excess capacity.