# Chart: Hyperscale capex dollar is buying less Nvidia than it did one year ago — retained record

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source: [news](https://highsignal.app/data/news) (news:digitimes)  published 2026-08-27 05:30 ingested 2026-08-27 13:02

[original source ↗](https://www.digitimes.com/news/a20260827VL222/nvidia-capex-data-center-equipment-revenue-oracle.html)

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The five largest cloud operators spent US$181.5 billion on property and equipment in the June quarter, 87% more than a year earlier. Nvidia's hyperscale revenue was US$48.7 billion — 26.8 cents of every dollar they spent, down from a peak of 33.2 cents three quarters ago.
Both figures are still growing quickly. The spending is simply growing faster, and has been for three consecutive quarters.
The finding holds under the obvious challenge. Nvidia does not disclose which customers sit in its Hyperscale category, and Oracle could reasonably be counted there or among AI clouds. Excluding Oracle from the denominator moves the level but not the shape: a 36.1% peak in the September 2025 quarter, 29.5% now.
Where the rest of the money is going is the question for suppliers. Custom silicon absorbs part of it — Google's TPUs, Amazon's Trainium, Microsoft's Maia. So does the changing composition of an AI campus, where land, power, shell and cooling take a larger share than when GPU supply was the only binding constraint.
Credit: DIGITIMES
A measurement caveat points the same way: this capex definition excludes finance leases, which the hyperscalers have used more heavily as the buildout has scaled. If capacity is arriving off that line, Nvidia's true share has fallen further than 6.4 points.
The counterweight is that Nvidia's total data center revenue has held at roughly half of the same five companies' capital spending for ten straight quarters, inside a 42% to 51% band with no trend. Its overall claim on the cloud capex dollar is intact. Only the portion arriving through the largest five has shrunk — replaced by AI clouds, sovereign programmes and enterprises that do not appear in this denominator at all.
That matches what Nvidia reported: non-hyperscale revenue grew 138% year-over-year and supplied 59% of the quarter's sequential data center increase.
The test is whether the two lines stay divergent. If the hyperscale ratio keeps sliding while the total holds near half, Nvidia is substituting new buyers for the share it is losing among the old ones. If both fall together, the substitution has stopped working.
Article edited by Jack Wu
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