Amazon, Google, Meta spent $90B+ quarterly on AI infra; Google Cloud backlog hit $460B. Demand outstrips supply, pre-selling capacity not yet built. Amazon, Google, and Meta combined for over $90 billion in quarterly capex on AI infrastructure. The spending binge confirms a structural shift: growth is now gated by power, chips, and data center construction timelines. Key facts Amazon AWS revenue: $37.6B, up 28% year over year. Google Cloud backlog: $460B+. Meta quarterly capex: $19.8B. Microsoft capex declined sequentially to $31.9B. Google Cloud revenue grew 63% year over year. First-quarter earnings from Amazon, Google, and Meta confirmed what Microsoft signaled last month: AI demand is growing faster than the industry can build capacity. Combined cloud revenue hit $77.4 billion, with Google Cloud growing 63% year over year to approximately $20 billion and AWS posting $37.6 billion—up 28% [According to Data Center Knowledge].…