AI capex surge pushes Big Tech free cash flow below zero (AIQ:NASDAQ)

Big Tech’s artificial intelligence spending spree is accelerating, with combined capital expenditures at Amazon (AMZN), Alphabet (GOOGL), Meta Platforms (META) and Microsoft (MSFT) reaching a record $201.9B in Q3 2026, according to The Kobeissi Letter.

That was an increase of $36.9B