US Edition

The four largest cloud hyperscalers are spending $725 billion on AI infrastructure in 2026, up 77% year over year, with combined free cash flow projected to hit nearly zero by Q3. Amazon's trailing FCF has collapsed to $1.2 billion even as operating cash flow rose 30%, while Oracle's free cash flow turned negative $23.7 billion and its stock dropped nearly 20% in a single week. The squeeze raises hard questions about whether AI monetization can catch up to the capex before debt financing becomes