Amazon, Google (Alphabet), Microsoft, Meta and Oracle have announced combined capital expenditure guidance exceeding $725 billion for 2026, representing a 77% increase over 2025. Alphabet reported its first negative free cash flow quarter since its IPO in 2004, with a deficit of approximately $5.9 billion in Q2 2026. Amazon shows trailing twelve-month negative free cash flow of $7.6 billion, while Meta’s cash generation collapsed by 91% year-over-year. Oracle spent 174% of its operating cash flow on capital expenditures during fiscal 2026 and plans to raise between $45 billion and $50 billion through debt and equity offerings. Analysts estimate that AI-related capital spending could reach $765 billion in 2026 and potentially $1.2 trillion by 2027.
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