10/30/2026
Big Tech is spending BIG, and it’s starting to show in their cash flow…
Some of the world’s largest technology companies are seeing billions of dollars in free cash flow disappear as spending on AI infrastructure and data centers accelerates.
Amazon saw the biggest year-over-year decline, with free cash flow falling $34.7 billion to negative $33.4 billion.
Alphabet wasn’t far behind, reporting a $33.5 billion decline, while Meta’s free cash flow dropped $12.7 billion.
Meanwhile, Apple, NVIDIA, and Broadcom are moving in the opposite direction, generating billions more in free cash flow than a year ago.
The question is whether today’s massive investments will translate into even bigger profits tomorrow.