Big Tech spent $230 billion on AI, but its cash flow is now deep in the red.
Tech giants Amazon, Alphabet, Meta, Microsoft and Oracle spent $230 billion on capital expenditures in the third quarter of 2026, more than double the previous year, but reported negative free cash flow of $32 billion.
Despite the financial strain, companies such as Amazon and Alphabet plan to maintain or increase their capital expenditures, while Microsoft is the only one still financing its expenses through cash flow.
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