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Wall Street wants to know whether AI is a bubble. Most of the worry is about who's paying for it. The companies leading the build-out are spending faster than their businesses bring in cash. Combined free cash flow for Amazon (AMZN), Alphabet (GOOG, GOOGL), Meta (META), Microsoft (MSFT), and Oracle (ORCL) fell to about minus $31 billion in the third quarter, according to Goldman Sachs. That's down from positive $37 billion to $62 billion a quarter through 2025. All that spending is a bet that people will use AI. Vinod Khosla, the billionaire Sun Microsystems co-founder and early OpenAI (OPAI.PVT) backer, says usage is the number to watch, not the stock market's mood swings.
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