Google, Microsoft, Meta, and Amazon collectively expect to deploy nearly $700B in capital expenditure in 2026, representing a 60%+ increase from 2025, driven by chip purchases, facility construction, and networking infrastructure. The investment is producing severe free-cash-flow compression across all four majors: combined FCF dropped from $237B (2024) to $200B (2025), with further deterioration expected in 2026; Amazon is projected to reach negative FCF of $17B–$28B this year, forcing debt and equity issuance. For financial institutions, this marks a structural shift from cash-generative tech operations to capital-intensive infrastructure plays, with sustained negative cash positions modeled through 2027–28 for Meta and potentially others, raising questions about whether revenue growth will justify cumulative capex deployment and whether debt service pressures emerge if growth disappoints.
275 other tracked developments touching the same claims.