IF YOU DON’T UNDERSTAND THE REASON BEHIND THE AI STOCK SELL-OFF, JUST LOOK AT THIS CHART 👇 🔹 $AMZN + $GOOGL + $META + $MSFT Q3 Capex reached $202 billion. 🔸 Combined FCF is −$26 billion, an all-time low. 🔹 Only Microsoft is in the green. $1.6 trillion over 3 years. That’s why they are cutting. The connection is simple. Capex is growing faster than the cash the business generates. The gap is being plugged with debt and equity. As long as AI growth looked limitless, the market swallowed it. Now that forecasts are more modest, that same gap is a risk, not an investment. That’s why they are cutting.