20 years of accumulated free cash flow burned through in 2 years, and they still plan to raise more funds to keep burning. Based on Micron's projected quarterly revenue for the next quarter, it will surpass most of the Big 7, and while net profit is still slightly behind, it's already in the same ballpark. This time, Apple didn’t participate in AI capital expenditures. Meta’s cloud business, with the smallest market share, is likely to be the first to shut down. Oracle (ORCL) can’t sustain such high debt and investment with its profits. Without cash flow, it’s also likely to halt operations. The massive depreciation alone is enough to drag down the entire balance sheet.