I'll search the most recent earnings materials from major hyperscalers for their commentary on compute supply versus demand.

Now I'll search the most recent earnings materials from these hyperscalers for commentary on compute capacity versus demand.

Based on the most recent earnings calls, all major hyperscalers consistently describe demand for compute capacity significantly exceeding current supply:

Amazon (AWS)

AWS CEO Andy Jassy stated clearly: "We have more demand than we have capacity at this point" [1018724_2047440_10]. He identified multiple constraint areas with power being the single biggest constraint, followed by intermittent issues with chips and server components [1018724_2047440_10]. Jassy explicitly noted: "I don't believe that we will have fully resolved the amount of capacity we need for the amount of demand that we have in a couple quarters. I think it will take several quarters" [1018724_2047440_10]. AWS operates at a $123B annual revenue run rate [1018724_2047440_8].

Microsoft (Azure)

Microsoft reported bringing additional data center capacity online in Q4 2025 but emphasized "demand remains higher than supply" [789019_2043806_6]. CFO Amy Hood guided that they "expect to remain capacity constrained through the first half of our fiscal year" (H1 FY2026) [789019_2043806_8]. She noted they expected better supply-demand balance by June but now hopes for improvement by December, stating: "that's not because we slowed CapEx...we are still seeing demand improve" [789019_2043806_13]. Microsoft stood up more than 2 gigawatts of new capacity over the past 12 months [789019_2043806_1] and has $368B in contracted backlog [789019_2043806_5].

Google Cloud

CFO Anat Ashkenazi described being "in a tight demand supply environment" [1652044_GOOGL_3423209_7]. She noted they "exited the year in cloud specifically with more customer demand than we had capacity. And that was the case this quarter as well" [1652044_GOOGL_3423209_11]. Google expects "variability in cloud revenue growth rates depending on capacity deployment each quarter" with relatively higher capacity deployment towards end of 2025 [1652044_GOOGL_3423209_7]. Full year 2025 CapEx is approximately $75B [1652044_GOOGL_3423209_11].

Meta

Meta is focused on ensuring sufficient capacity for internal use cases including ads ranking, recommendation engines, and frontier AI model training [1326801_2043767_13]. CEO Mark Zuckerberg announced building multi-gigawatt clusters: "Prometheus cluster is coming online next year, and we think it's going to be the world's first gigawatt plus cluster. We're also building out Hyperion, which will be able to scale up to five gigawatts over several years" [1326801_2043767_1]. CFO Susan Li guided to CapEx of $66-72B in 2025 with "another year of similarly significant CapEx dollar growth in 2026" [1326801_2043767_7], suggesting spending exceeding $100B.

Oracle

Oracle CTO Larry Ellison highlighted extreme demand, particularly for inferencing: "People are running out of inferencing capacity" [1341439_2134105_5]. He described receiving an unprecedented call: "someone called us, we'll take all the capacity you have that's currently not being used anywhere in the world. We don't care. I'd never gotten a call like that" [1341439_2134105_5]. Oracle has $455B in remaining performance obligations [1341439_2134034_2].

Summary

The universal message across hyperscalers is clear: demand substantially exceeds supply, with constraints expected to persist for multiple quarters despite massive capital investments ($30B+ quarterly for some providers). All are aggressively building capacity but acknowledge demand continues outpacing their ability to bring new infrastructure online.