Tomasz Tunguz: Vendors face record capex spending as cash tightens

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Olga Shendetskaya

21.05.2026

Tomasz Tunguz: Vendors face record capex spending as cash tightens — Record capex as vendors shift strategy

Tomasz Tunguz highlights a trend among vendors, observing that cost-cutting typically occurs when cash is abundant and market share is crucial, while spending increases when cash becomes scarce and profit margins matter.

Currently, all three vendors are encountering record capital expenditures.

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Tomasz Tunguz previously noted significant growth in the global inference market, citing a 17x jump in NVIDIA data center revenue after the launch of ChatGPT. In a separate report, he highlighted SpaceX's $10 billion call option purchase for distribution benefit, while Cursor gained independence in the process according to Tunguz. The recent trends in vendor spending follow these earlier observations on capital allocation.

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