Big Tech’s $725bn AI spending spree sends free cash flow to a decade low
Silicon Valley giants have transformed from asset-light cash machines to huge infrastructure investors
Silicon Valley giants have transformed from asset-light cash machines to huge infrastructure investors

Earnings hint at growth trajectory despite increases in capital spending

Executives face choice between cutting returns to shareholders, raiding reserves or tapping the markets

Earnings reports of major players show how artificial intelligence services are boosting revenues

Stocks tumble despite strong earnings reports from most Silicon Valley heavyweights

There are big differences in the level of risk and likely returns of Big Tech’s spending

Alphabet, Meta and Microsoft divide the market over whether they can translate huge capital expenditure into income