But 2027 capital expenditure estimates have jumped from $929 billion (23% annual growth) to over $1 trillion (33% annual growth) over this period. What's more, capital expenditures stand to exceed cash flow from operations from 2026 through 2028. · Goldman SachsThe finer details: The reaction to large-scale capital expenditures by the hyperscalers has been rough for the bulls. But specifics about 2027 capital expenditures were nonexistent. Alphabet's second quarter capital expenditures came in at $44.9 billion, slightly above Wall Street forecasts of $44.7 billion.