Cloud provider capital expenditure (Capex) surged by $17 billion (23%) quarter-over-quarter from Q1 to Q2 '25, reaching over $90 billion. This significant increase, particularly from Microsoft (MSFT) and Google (GOOGL), suggests a strong demand for AI infrastructure, likely benefiting NVIDIA (NVDA) in its upcoming earnings report. Investors should monitor NVDA's performance closely as this Capex trend indicates robust underlying demand.