Alphabet Inc. ($GOOG) and Amazon ($AMZN) are expected to lead the Mag 7 in total capex spending in 2026. But the perspective shifts when you look at capex as a percentage of revenue. Meta Platforms ($META) is projected to allocate nearly 49.8% of its revenue to capex, with Microsoft ($MSFT) close behind at 43.9%. Notably, these two names have also seen the biggest drawdowns year-to-date. Analysis generated with a single prompt using Perplexity Computer.