Microsoft, Alphabet and Meta Platforms used their first-quarter earnings calls this week to collectively raise their 2026 data-center capital spending plans to more than $215 billion, a roughly 9% increase from guidance issued in late January and a clear signal that the failed federal artificial-intelligence moratorium has done little to dent the largest U.S. technology companies’ commitment to the buildout.

The increases, telegraphed in prepared remarks and made explicit under questioning from analysts on calls spread across Wednesday and Thursday evenings, came barely 48 hours after the House Ways and Means Committee killed the Sanders-Ocasio-Cortez compute pause by a 24-21 vote and amounted to what one chief financial officer called a “deliberate” answer to the question of whether Washington’s three-week regulatory scare had altered the industry’s planning horizon. It had not.

Microsoft, reporting Wednesday after the close, lifted its fiscal-year capex range to $103 billion to $108 billion, from a prior range of $96 billion to $102 billion, and said its run-rate of GPU and accelerator commitments through the next four quarters was now “essentially fully reserved.” Chief Financial Officer Amy Hood told analysts that the company’s Azure AI revenue had grown 71% year over year in the quarter, a slight deceleration from the previous quarter but well above the Street’s consensus of 64%.

Alphabet, reporting Thursday before the open, raised its full-calendar-year capex guidance to “approximately $78 billion,” compared to a January figure of $72 billion. Google Cloud revenue grew 38% year over year, with operating margin expanding to 19.4% from 14.1% a year earlier, and the company said demand for its TPU-based training capacity remained “substantially in excess of supply.” Sundar Pichai, the chief executive, took the unusual step of devoting roughly four minutes of his opening remarks to the regulatory environment, noting that “the events of the last three weeks have clarified, not changed, the trajectory of the technology.”

Meta Platforms, which had been the most aggressive in raising capex guidance during the war window, took its 2026 range to $80 billion to $84 billion from $74 billion to $79 billion, and added that the upper end of its capacity plan for 2027 would now require “siting decisions we are making right now.” Chief Executive Mark Zuckerberg, speaking on the call, said the company would announce two new training-campus locations in the second half of the year.

The combined Wednesday-Thursday tape was unambiguous. The Nasdaq 100 closed Thursday at a fresh year-to-date high, up 2.1% on the session and now more than 4% above its pre-war level. Shares of all three hyperscalers traded between 3% and 6% higher on Thursday, while compute-infrastructure suppliers — chipmakers, transformer manufacturers, optical-networking vendors and the two listed liquid-cooling specialists — outperformed again, with several names up double digits on the week.

“What you just heard from the three of them, back to back, is the post-moratorium playbook in its fully assembled form,” said Priya Nadkarni, head of U.S. technology research at Hartwell Capital. “Capex up, capacity tight, voluntary disclosure on water and power, and a willingness to absorb whatever state-level pauses Albany and Sacramento can produce by routing the next round of campuses to Texas, Ohio and Indiana. They are not hiding.”

Not every line in the earnings releases pointed in the same direction. All three companies disclosed sharply higher year-on-year increases in electricity purchases, with Meta’s wholesale power costs up 47% on a like-for-like campus basis, and each acknowledged that grid-interconnection queues in their preferred Western and Mid-Atlantic markets had lengthened by a median of seven months since the start of the year. Hood, the Microsoft CFO, said the company had quietly removed two prospective sites from its 2027 pipeline in the past 90 days because the relevant utility could not commit to firm-capacity dates, and that one of those sites was in New York.

The state-level fight provided the day’s other backdrop. New York Gov. Kathy Hochul, who signaled Thursday that she would sign an executive order on Monday halting hyperscale data-center interconnections above 300 megawatts pending a grid-impact review, was asked by reporters in Albany whether the Microsoft and Alphabet numbers had given her pause. “If anything they have reinforced my view that this is the moment to put real numbers on the table about what the grid can carry,” Hochul said, according to a transcript released by her office. California’s State Senate Pro Tem, Annette Reyes, told Bloomberg that Sacramento’s parallel measure would be heard before the end of next week.

Wall Street’s reaction to the state moves was relatively muted, in part because each of the three megacaps used its call to point investors toward the geographic flexibility of its buildout pipeline. Pichai told analysts that Alphabet’s 2027 campus map included “fewer than two” planned sites in either New York or California. Zuckerberg, asked about siting risk by Bernstein’s Mark Shmulik, said simply: “We have an enormous map. We can pick from the part of it that is welcoming.”

Among the few cautionary voices were several power-sector analysts who said the megacap commitments had grown faster than the country’s near-term firm-generation pipeline could comfortably absorb. Marcus Liang, a power-sector analyst at Wood Mackenzie, said the implied 2026 incremental data-center demand from the three companies’ updated guidance was roughly 18 gigawatts, against a calendar-year addition of roughly 14 gigawatts of new gas-fired and dispatchable capacity nationally. “There is a real arithmetic problem here that no amount of voluntary disclosure resolves,” Liang said. “Somebody, somewhere, is going to be told no, and the question is whether that is a hyperscaler or a household.”

Apple, the last of the megacaps to report this earnings cycle, is scheduled for Tuesday, with several analysts expecting its commentary on AI-related capital spending to be the most closely parsed segment of the quarter. Executives at the three companies that have already reported said they expected additional clarity on industry-wide power-procurement strategies to be discussed at a private summit in Sun Valley in early June.