Capital Expenditure Trends (USD Billions)

Year	Microsoft (MSFT)	Amazon (AMZN)	Alphabet (GOOGL)
2024	$55.7B	$83.0B	$52.5B
2023	$44.5B	$52.7B	$32.3B
2022	$28.1B	$63.6B	$31.5B
2021	$23.9B	$61.1B	$31.5B
2020	$20.6B	$40.1B	$22.3B

Return on Invested Capital (ROIC) (%)

Year	Microsoft (MSFT)	Amazon (AMZN)	Alphabet (GOOGL)
2024	22.56%	16.07%	33.87%
3-Yr Avg (2022-2024)	27.63%	9.15%	33.92%
5-Yr Avg (2020-2024)	29.21%	10.63%	30.85%

Key Takeaways:

• Microsoft increased CapEx aggressively for AI/cloud expansion, but ROIC declined, suggesting lagging returns on investment.
• Amazon leads in CapEx but has the lowest historical ROIC. However, 2024 shows improvement, indicating better efficiency.
• Alphabet maintains the highest and most stable ROIC, reflecting strong capital allocation and consistent returns.

Conclusion:
All three companies are heavily investing in AI and cloud infrastructure. While Amazon leads in spending, Alphabet has the most efficient capital use. Microsoft is betting big but needs stronger returns to justify rising CapEx.