The AI infrastructure buildout has moved from speculation to reality, and two companies are positioned to capture the lion’s share of spending.
The artificial intelligence (AI) infrastructure buildout has moved from thesis to reality. When Microsoft, Alphabet, Meta Platforms, and Amazon (AMZN +9.77%) collectively spend $100 billion per quarter on data centers – and signal even bigger checks ahead – the market needs to recalibrate. This is a flat-out land grab for compute capacity, power, and AI talent that could define the next decade of technology leadership.
The scale of this b…
The AI infrastructure buildout has moved from speculation to reality, and two companies are positioned to capture the lion’s share of spending.
The artificial intelligence (AI) infrastructure buildout has moved from thesis to reality. When Microsoft, Alphabet, Meta Platforms, and Amazon (AMZN +9.77%) collectively spend $100 billion per quarter on data centers – and signal even bigger checks ahead – the market needs to recalibrate. This is a flat-out land grab for compute capacity, power, and AI talent that could define the next decade of technology leadership.
The scale of this buildout is staggering. Microsoft just announced plans to nearly double its data center footprint over two years. Alphabet lifted its 2025 capital expenditure guidance to a range of $91 billion to $93 billion. Meta raised its guidance to a range of $70 billion to $72 billion and flagged notably larger spending in 2026. This spending represents a fundamental shift in how tech platforms are allocating capital.
Against that backdrop, I think two stocks stand out as the clearest ways to capture this hyperbuild: Nvidia (NVDA 0.04%) and Amazon. One provides the picks and shovels that make the buildout possible. The other monetizes the infrastructure through cloud services that generate billions in quarterly operating profit. Here’s why I believe both of these tech giants are worth buying in November.
The chip architect sitting on half a trillion in demand
Nvidia crossed $5 trillion in market capitalization this week, cementing its position as the world’s most valuable company. CEO Jensen Huang recently disclosed that Nvidia has visibility into more than $500 billion of combined Blackwell and Rubin revenue through 2026. While the company later clarified this represents pipeline visibility rather than firm orders, the magnitude signals unprecedented demand for AI accelerators – the specialized chips that train and run AI models – that shows no signs of cooling.
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The hyperscalers (Amazon, Microsoft, Alphabet, and Meta) just raised their 2025 capital expenditure (capex) guidance, with some planning to nearly double data center footprints and lift AI capacity by more than 80% in fiscal 2026. Nvidia benefits directly from this spending wave, shipping the graphics processing units (GPUs) and networking infrastructure that power these builds. The company’s competitive advantage extends beyond raw chip performance – its CUDA software platform, which developers use to write AI applications, creates switching costs that keep customers locked into the Nvidia ecosystem even as they develop custom silicon alternatives.
The Blackwell architecture is ramping up now, with Rubin already on the roadmap for future releases. This sustained product cadence ensures that even as customers transition from current-generation Hopper chips to Blackwell and eventually Rubin, Nvidia maintains its revenue momentum. Export restrictions to China and potential digestion periods as customers absorb new hardware represent real risks, but the $500 billion visibility provides a cushion that few companies can match.
The cloud giant finding its AI acceleration
Amazon Web Services delivered $33 billion in Q3 revenue, up 20.2% year over year – growth the company hadn’t seen since 2022. CEO Andy Jassy emphasized that demand is coming from both generative AI services (like chatbots and content generation tools) and core infrastructure, with AWS adding more than 3.8 gigawatts of data center capacity in the past 12 months. The cloud unit generated operating income of $11.4 billion in the most recent quarter, representing about two-thirds of Amazon’s total operating profit.
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That cash engine funds the massive capital expenditure required to stay competitive – Amazon raised its 2025 capex guidance to $125 billion (up from $118), with analysts expecting further increases in 2026. The company says more than half of its Bedrock AI service now runs on custom Trainium and Inferentia chips, which improves both margins and total cost of ownership as AI services scale. This in-house silicon strategy differentiates AWS from pure infrastructure plays, creating a path to better unit economics even as competitive pressure intensifies from Microsoft Azure and Google Cloud.
The recent opening of Project Rainier, an $11 billion AI data center campus built to power Anthropic’s Claude models, demonstrates AWS’ willingness to make massive, customer-specific infrastructure commitments. These large-scale deployments create long-term revenue visibility and switching costs that protect AWS’ market-leading position in cloud infrastructure. Major enterprise clients, including Delta Air Lines, Volkswagen Group, and SAP, are also expanding their AWS footprints, validating the platform’s ability to handle mission-critical workloads at scale.
All told, Amazon’s ongoing AI hyperbuild and supercharged cloud growth make it a top stock to buy this month.