Big Tech capital expenditures exceed $26.4 billion in premiums… MSFT free cash flow surplus
Original headline264억 달러 웃돈 빅테크 설비투자…MSFT 잉여현금 흑자
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Alphabet, Amazon, Microsoft and Meta spent $26.4 billion more on property and equipment in the July–September quarter than they generated in operating cash flow, a swing from the roughly $61.7 billion left over after capex a year earlier. The shift reflects surging AI infrastructure spending that has pushed capital expenditures above cash from core operations at all four hyperscalers. Microsoft's fiscal 2027 first quarter, which also ended in September, is included in the comparison. The reversal matters because free cash flow, long a cushion for buybacks and dividends, is being absorbed by data-center buildouts. Next, watch whether capex guidance for the coming quarters keeps outpacing operating cash flow and how each company frames AI capacity returns.
Muhabbit's AI wrote this summary in its own words from TokenPost's report and translated it from Korean. It can get details wrong, so check the source.
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