Amazon, Alphabet, Meta, Microsoft, and Oracle invested $230 billion in capital expenditure in the third quarter of 2026, more than double the amount recorded a year earlier. Their combined operating cash flow reached $199 billion, resulting in negative free cash flow of $32 billion, compared with a $61 billion surplus one year earlier. The companies are maintaining or increasing spending plans despite this imbalance, while growing reliance on debt pushed AI-related bond issuance to roughly $419 billion by mid-October. Pressure on technology stocks spilled into crypto markets, with Bitcoin falling below $80,000 twice, while bStocks reached $1 billion in assets under management in 125 days thanks to strong use of decentralized finance.
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