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Big Tech now spends 85 cents of every operating cash dollar on capital projects

Trailing-twelve-month capex as a share of operating cash flow, five largest hyperscalers

Line chart of trailing-twelve-month capital spending as a share of operating cash flow for Microsoft, Alphabet, Amazon, Oracle and Meta from late 2023 through each company's latest quarter, June 30, 2026 for Microsoft, Alphabet and Amazon, August 31 for Oracle and September 30 for Meta, ending at 63%, 71%, 107%, 161% and 78%
Source: SEC EDGAR XBRL company facts, quarterly and TTM cash-flow line items.
AI

Silvia Insights research desk

The AI buildout is now a test of who can pay for it.

Microsoft, Alphabet, Amazon, Oracle and Meta spent 85% of their combined operating cash flow on capital projects over the past year, based on each company's latest filing. In late 2023, the same five spent 41%.

Oracle, at 161%, and Amazon, at 107%, now spend more than their businesses bring in. In each company's most recent quarter, only Microsoft had cash left over after its capital spending.

The cushion is down to about 15 cents on the dollar.

This chart comes from a new Silvia Insights research report. Members received the full analysis last week, including the actionable trade ideas, risks and what comes next.

Research is for informational purposes and does not constitute personalized investment advice.

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