Big Tech's defining financial advantage, an abundant cash flow, is colliding with the physical demands of generative AI.
Alphabet Inc.
(NASDAQ:GOOG), Amazon.com, Inc.
(NASDAQ:AMZN), Meta Platforms, Inc.
(NASDAQ:META) and Oracle Corp.
Bond Markets Are Rethinking Big Tech’s $1 Trillion+ a Year for AI - Meta Platforms (NASDAQ:META), Amazon.
Big Tech's AI capex boom is wiping out free cash flow. Discover how data center spending is changing tech investing forever.
TL;DRAI
Big Tech's AI capex ($785B) is collapsing free cash flow; credit spreads jumped 50bp→78bp—market repricing tech debt as risky. Shift from asset-light software to asset-heavy infrastructure ($1.2T leases); Big Tech repriced as utilities—impacts cost-of-capital and cloud/AI ROI.
663 words~3 min read
