Bloomberg Surveillance · Monday, September 14, 2026
Capital expenditure growth in the S&P 500 is primarily driven by the top 10 market capitalization companies, which house the major AI players, according to RBC analyst Laurie Calvacino. In contrast, the remaining 490 stocks are in the early stages of a CapEx build-out cycle, with growth becoming more apparent in Q2.
“If you look at the top 10 market cap names, which is where you've got the kind of big AI behemoths, you've been hitting sort of peaks, essentially.”
“If you look at the rest of the other 490 stocks, you're very, very early days in a CapEx build-out cycle.”
“So you're up maybe third innings. You're showing some growth year over year. That became much more apparent in 2Q.”