Các khoản đầu tư AI của các công ty công nghệ lớn có thể vượt quá dòng tiền tự do vào năm 2027, phân tích của Reuters cho thấy

The Huoxing Finance report, based on LSEG Consensus Expectations data analyzed by Reuters, indicates that five U.S. hyperscale companies—Microsoft, Alphabet, Amazon, Meta, and Oracle—are facing cash flow pressures due to AI investments. At the current trajectory, by 2027, the combined capital expenditures of these companies are projected to exceed their generated free cash flow. Data shows that these companies’ annual operating cash flow in 2027 is expected to increase by approximately $340 billion compared to 2025, while capital expenditures are forecast to rise by about $534 billion, equivalent to an additional investment of roughly $1.57 for every $1 increase in cash flow. Oracle is under the most significant pressure, with its capital expenditure as a percentage of operating cash flow rising from 47% in fiscal year 2022 to 174% in fiscal year 2026 (ending May), reaching $55.7 billion in annual capital expenditures against only $32 billion in operating cash flow; its stock price has declined by 36% this year. Amazon’s free cash flow in the first quarter also dropped to $1.2 billion. Analysts note that if AI fails to significantly drive revenue growth, expand profits, and improve cash flow over the next two to three years, the market may begin questioning whether the investment cycle has become excessive. Alphabet will be the first to release its earnings this Wednesday, and the market will closely monitor whether its cloud and AI revenues can keep pace with spending growth.