US Edition

The five largest cloud builders, Microsoft, Amazon, Alphabet, Meta, and Oracle, have pledged $725 billion in AI infrastructure spending for 2026 while their collective free cash flow converges on zero. Amazon's trailing free cash flow has collapsed 95% to $1.2 billion, with Morgan Stanley projecting full-year 2026 at negative $17 billion. Q2 earnings will be the first real test of whether the revenue curve is bending up to meet the build.