Aug. 9 at 6:28 PM
Big Tech’s AI spending is starting to hit the cash flow hard.
$AMZN $META $GOOGL are now expected to post a combined -
$32.2B in 2026 FCF, versus roughly +
$130B in 2024. Amazon is the biggest drag at -
$24.4B, followed by Meta at -
$4.2B and Alphabet at -
$3.7B.
The bigger risk? Combined 4-quarter FCF for
$ORCL META GOOGL AMZN
$MSFT could fall from ~
$130B in Q2 2026 to as low as -
$90B by Q1 2027.
AI capex is exploding, and debt is increasingly funding the gap.
$AMZN GOOGL META have already issued
$169.5B of investment-grade bonds in 2026, up 400% YoY.
AI is powerful. But if returns lag expectations, cash burn becomes the story.