State of the AI Buildout: Hyperscale Edition
Prepared by Andi Kerenxhi and Chris Wittstock
Ubineer Deep Dive 2026-08-10 11:14:00 ET
On August 27, 2026, we published an article in
The Globe and Mail titled
"Why the AI investment cycle, which works today, may turn into a trap." Anyone seeking further insight into the data underpinning the article's conclusions is invited to request the full report below.
The Q2 2026 earnings season for Meta, Alphabet, Amazon, Oracle, and Microsoft highlights an unprecedented structural expansion in AI backlogs, record TTM operating cash flows, and exponential growth in long-term off-balance-sheet financial commitments.
Record Cloud & AI Backlog (Remaining Performance Obligations)
Fuelled by a sustained surge in multi-year enterprise AI agreements, the aggregate Remaining Performance Obligations (RPO) among the primary hyperscale cohort climbed to a historic $2.34 trillion, marking an extraordinary 186.5% year-over-year expansion (accelerating from 175.3% in the prior period) as of June 30, 2026.
Source: Ubineer Deep Dive 2026-08-10 11:15:00 ET
- Microsoft (MSFT): Leads the group with $684.0 billion in RPO.
- Alphabet (GOOGL): Reached $519.5 billion in RPO.
- Amazon (AMZN): Climbed to $496.0 billion in RPO.
- Oracle (ORCL): Climbed to $638.0 billion in RPO.
- Please note META does not have RPO.
This dramatic backlog expansion provides the multi-year revenue visibility hyperscalers require to justify front-loaded capital outlays.
TTM Cash Flow from Operations vs. Capital Intensity
The aggregate cash generation from operations over the trailing twelve months has also
surged to historic peaks among the tech elite, establishing the capital base necessary for infrastructure scaling. Consolidated TTM Cash from Operations climbed to...
Source: Ubineer Deep Dive 2026-08-10 11:15:00 ET
Access the complete report, featuring Consolidated TTM Cash from Operations as well as specifics from each of the big five, and more.
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