Tech stocks aren't getting shredded for any old reason. It's actually very fundamental: Free cash flow is drying up for Big Tech leaders, and capex is rising dramatically. Investors are questioning whether this ratio is totally out of whack, given more realistic growth projections for AI. The combined capex of Amazon, Alphabet, Meta and Microsoft rose by $36.9 billion in the third quarter to $201.9 billion, the team at The Kobeissi Letter calculated (chart below). This figure has more than doubled over the past 12 months, and is up a staggering 356% since the first quarter of 2024.Why tech stocks are getting drilled.·The Kobeissi Letter Big Tech has now spent $1.6 trillion on capex over the last three years, the strategists say.
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