Amazon, Alphabet, Microsoft, and Meta have accumulated $1.46 trillion in tangible physical assets (land, buildings, equipment) over three years—a 140% jump driven by massive AI data center buildouts. Their capital spending for 2026 alone could reach $760 billion, up 85% YoY. This marks a fundamental shift from the "asset-light" software model that made tech companies profitable without heavy capex, now competing with oil majors in infrastructure scale. Hidden debt (long-term equipment commitments and lease obligations) hit $2.3 trillion—4.3x higher than last year—signaling further expansion ahead. Depreciation costs are already consuming nearly one-third of operating profit across the four firms.