Investors who exited high-profile hyperscaler stocks because of surging AI capex may be overlooking an important point: Tech giants' cloud computing backlogs support their strong spending plans. Quick analysis: Across the top four cloud service providers, cloud computing backlogs now exceed a whopping $2.3 trillion, which is up 16% from the first quarter, according to Bank of America analyst Vivek Arya. A Microsoft employee tours the Microsoft data center campus, currently under construction in Mount Pleasant, Wisc., on Sept. 18, 2025. REUTERS/Audrey Richardson · REUTERS / REUTERSThe high-level look: Investor concern around how much tech is spending on AI capex is understandable. But at some point soon, this point could matter, given the valuation pullbacks on companies clearly leading on lucrative cloud computing deals.