Shocking stat of the day: Nvidia, NVDA, Micron, MU, Broadcom, AVGO, and Applied Materials, AMAT, are now expected to generate a record $430 billion in combined free cash flow (FCF) over the next 12 months. That would be more than TRIPLE the FCF they generated just 2 years ago. At the same time, the combined FCF of Amazon, AMZN, Alphabet, GOOGL, Meta, META, Microsoft, MSFT, and Oracle, ORCL, is projected to turn negative for the first time on record. That would mark a massive reversal from the +$260 billion peak reported by these companies in 2024. This comes as AI-related CapEx by these 5 companies is estimated to surge to ~$1.8 trillion in 2026 and 2027 combined. Chipmakers are becoming cash machines, while AI giants are burning record amounts of capital.(The Kobeissi Letter)