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Macroeconomic Indicators & Trends
May 22, 2026
IT Capex Now Accounts for More Than a Third of S&P 500 Capex Spending
About the Author
Torsten<br>Slok
Partner, Chief Economist
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The S&P 500 IT sector's share of total index capex has surged to a record-high 35%, as hyperscalers race to build out AI infrastructure at unprecedented scale, see chart below.
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Sources: Bloomberg, Macrobond, Apollo Chief Economist
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This presentation may not be distributed, transmitted or otherwise communicated to others in whole or in part without the express consent of Apollo Global Management, Inc. (together with its subsidiaries, “Apollo”).\r\n\r\nApollo makes no representation or warranty, expressed or implied, with respect to the accuracy, reasonableness, or completeness of any of the statements made during this presentation, including, but not limited to, statements obtained from third parties. Opinions, estimates and projections constitute the current judgment of the speaker as of the date indicated. They do not necessarily reflect the views and opinions of Apollo and are subject to change at any time without notice. Apollo does not have any responsibility to update this presentation to account for such changes....