The AI bull equation: CapEx + time = profits
QQQ•Citi says revenue growth at Amazon, Microsoft, Google and Meta could reach around 30% next year, three percentage points above consensus, as enterprise AI adoption gathers pace.
1. Growth outlook
Citi says investors are underestimating the revenue growth hyperscalers can generate from AI infrastructure and data-centre spending. Combined revenue growth at Amazon's AWS, Microsoft, Google and Meta accelerated to 25% in the third quarter, and Citi sees it reaching around 30% next year, despite equipment, regulatory and financing bottlenecks.
