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Big Tech’s $700B capex spree exposes a capital gap among agency holding cos

Google, Meta, Amazon and Microsoft now guide to $700B combined 2026 capex. Meanwhile Stagwell spends 8% of net revenue versus Omnicom’s 1%, showing scale, not urgency, drives who bets big on AI infrastructure.

Why it matters. Stagwell’s 8%-of-revenue capex bet gives it an AI-infrastructure argument in client pitches that Omnicom, spending just 1%, cannot yet match despite its 8x scale advantage.

Signal from Madison and Wall · read the original.

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