America's biggest technology companies are beginning to generate meaningful AI-driven revenue, but surging infrastructure spending is putting free cash flow under pressure. Reuters' analysis of LSEG estimates shows capital expenditure is expected to outpace free cash flow by 2027, shifting investor focus toward AI monetisation and long-term returns.

Big Tech's $600 billion AI spending spree faces scrutiny as Alphabet, Microsoft, Meta, and Amazon report earnings, with Bitcoin miners also pivoting to AI.

July 22 : U.S. hyperscalers are starting to show returns on their artificial intelligence investments, but the rising cost of the buildout is taking a bite out of their free cash…