Latest reported results, cash from operations minus capex: - Amazon (Q2): -$7.6B over the last 12 months, from +$18.2B a year earlier - Alphabet (Q2): -$5.9B for the quarter ($44.9B capex vs $39.1B from operations) - Meta (Q3): -$2.1B for the quarter ($34.9B vs $32.8B) - Microsoft (June quarter): still positive Together the four plan roughly $730B of capex this year. Alphabet and Microsoft report tonight, Amazon tomorrow. None of them is short of cash, and capex is a choice, not a loss. But at three of the four, the build-out now costs more than the core business brings in. Building the next decade, or the first crack in the cash machines?
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