Couple of interesting charts compiled by Baird. Hyperscalers are clearly the innovating companies of the current generation. This is known, but the I’m not sure the $ magnitude is as appreciated as it should be.

When the $ R&D/Capex disparity is as large as this, it makes it virtually impossible for truly sizeable innovative products to come from any other company.

Note: I assume the $AMZN R&D number is T&C spend, in which case the it is slightly inflated.

$AMZN $GOOGL $MSFT $META