AI capex surge pushes Big Tech free cash flow below zero

[Robotic Hand Holding Digital US Dollar Symbol in Futuristic Setting] sankai Big Tech’s artificial intelligence spending spree is accelerating, with combined capital expenditures at Amazon (AMZN [https://seekingalpha.com/symbol/AMZN]), Alphabet (GOOGL [https://seekingalpha.com/symbol/GOOGL]), Meta Platforms (META [https://seekingalpha.com/symbol/META]) and Microsoft (MSFT [https://seekingalpha.com/symbol/MSFT]) reaching a record $201.9B in Q3 2026, according to The Kobeissi Letter. That was an increase of $36.9B from the prior quarter, with combined capex more than doubling over the past 12 months and rising 356% since Q1 2024. The four companies have now spent roughly $1.