¹ Capital expenditure. The $720–740B range combines the most recent 2026 guidance from Amazon (~$220B), Alphabet ($195–205B), Microsoft (~$170B), and Meta ($135–145B). The companies do not define capital expenditure identically, so this is an aggregate of reported guidance rather than a like-for-like measure. Relative to the post-Q2 range, Microsoft lowered its calendar-year expectation by about $5B because of delayed third-party capacity, while Meta raised the bottom of its range by $5B. The combined range is therefore treated as materially unchanged.

Meta economic interest. Zuckerberg's economic-interest percentage is calculated from proxy-reported beneficial holdings and shares outstanding. Meta itself describes his economic interest as approximately 13%. In October 2026 Meta approved a new publicly listed, non-voting Class C common stock, effective January 19, 2027, together with a planned one-for-one Class C stock dividend. Meta states that the dividend will not change any shareholder's voting power. The development is relevant to the governance structure but does not create a new comparable observation for the voting-power row. Meta Q3 2026

² Anthropic. Anthropic's November 2, 2026 S-1/A states that its board consisted of six directors as of October 31 and identifies Daniela Amodei, Reed Hastings, and Vas Narasimhan as the three current directors elected as LTBT nominees. That resolves the uncertainty recorded in the September update and puts the occupied LTBT-appointed share at 3 of 6, or 50%, versus 4 of 7 in April. The filing separately describes the structure that would apply upon completion of the offering: seven authorized board seats, four Class T seats generally controlled by the LTBT, initially Hastings, Narasimhan, Christopher Liddell, and one vacancy. It also proposes Class F common stock held by a Founder LLC with 50.1% of general stockholder voting power. Those post-offering provisions are not treated as current observations in the row.

Nvidia accelerator share. The >90% figure is an analyst estimate rather than a company-reported market statistic. No prior estimate with a sufficiently clear and comparable denominator is used to manufacture a trend.

³ TSMC foundry share. TrendForce's September 2026 release puts TSMC at 72.5% of global foundry revenue for Q2 2026, on revenue of about $40.2B, up 12.1% sequentially. Its June release put Q1 2026 at 72.0%; TrendForce's current dataset, as reported by CNA / Focus Taiwan and the Taipei Times, puts that quarter at 72.3%. The sequential growth rate implies TSMC's Q1 revenue is unchanged at about $35.9B, so the revision falls on TrendForce's estimate of total foundry revenue rather than on TSMC. This row uses the revised comparative, making the quarter-on-quarter increase 0.2 percentage points.

Market-share measures. TSMC and cloud-provider shares rely on independent market-research organizations because individual company filings cannot by themselves establish industry-wide market shares. Synergy's Q3 2026 estimates put AWS at 26%, Microsoft at 19%, and Google at 16%, for a combined 61%, down from 63% in Q2. At the same time, quarterly cloud infrastructure-service revenue rose 55% year over year to $167.7B. Synergy also reports rapid growth among several neocloud providers. The result is evidence of declining top-three share, while the three firms remain dominant in a rapidly expanding market.

⁴ Nvidia hyperscaler dependency. Nvidia reports Hyperscale revenue as a submarket of Data Center, covering the public clouds and the world's largest consumer internet companies. In Q2 FY2027 it reclassified a company from AI Clouds, Industrial, & Enterprise (ACIE) to Hyperscale due to a change in that company's business model and recast the prior period. Q1 FY2027 hyperscale revenue was first published as $37.9B of $75.2B in Data Center revenue, or 50.3%; on the current classification it is $43.1B of the same $75.2B, or 57.2%. The current-basis observations available are Q1 FY2026 at 56.9% (derived from six-month totals), Q2 FY2026 at 58.8%, Q1 FY2027 at 57.2% and Q2 FY2027 at 54.7%. Q3 and Q4 FY2026 have not been republished on this basis, so the quarterly series is discontinuous. The Q2 year-over-year comparison, 58.8% to 54.7%, is like-for-like. The reported Hyperscale category is also a floor on hyperscaler-linked end demand: Nvidia attributes part of ACIE growth to hyperscalers utilizing AI clouds.

Electricity. The IEA figure covers all data centers, not AI facilities alone. Its current central projection is roughly 950 TWh of global data-center electricity consumption by 2030. That projection provides context but does not determine the direction arrow.

Virginia NDAs. The 25-of-31 finding means researchers found at least one data-center-related NDA in 25 Virginia localities with an existing, approved, or proposed project. It does not mean that 25 projects were secretly approved or that the approvals themselves occurred “under” NDAs.

⁵ Political expenditures. The $67.1M figure is a secondary compilation of publicly disclosed independent expenditures across AI-linked federal and state political networks, with data through November 3, 2026. The previous $61.8M observation is the tracker total recorded on September 28, 2026. The networks included in the compilation do not share a single policy agenda. The total is not equivalent to money raised and should be treated as a publicly observable floor, not a comprehensive measure of political activity.