Big Tech’s Free Cash Flow is Turning Negative – Who's Next?

Big Tech’s AI revenue is accelerating, but free cash flow is moving sharply in the opposite direction. Across Google, Microsoft, Meta and Amazon, capex is rising much faster than operating cash flow as Big Tech races to build out AI infrastructure. Notably, the Big Tech company spending the most on capex in 2026 already turned free cash flow negative, and our estimates suggest it may not be alone by year-end.