
Big 4 hyperscalers just went FCF-negative. Q3 AMZN+GOOGL+META+MSFT: $201.9B capex vs $175.5B operating cash flow. FCF -$26B, from +$62B a year ago. A first in data back to 2016. Why it matters: AI capex now leans on bond and stock sales, supply that competes with risk assets. https://t.co/Nn5YW66gjm