AI is burning Big Tech's free cash flow: The combined CapEx of Amazon, AMZN, Alphabet, GOOGL, Meta, META, and Microsoft, MSFT, rose +$36.9 billion in Q3 2026, to a record $201.9 billion. This figure has more than doubled over the last 12 months and is up +356% since Q1 2024. Big Tech has now spent $1.6 trillion on CapEx over the last 3 years. Meanwhile, the combined free cash flow of these companies fell -$33.1 billion last quarter, to -$26.4 billion, its lowest on record. Free cash flow among these firms has dropped -$88.2 billion over the last year. Only Microsoft reported positive free cash flow in Q3. Looking ahead, these 4 companies plan to spend another $232 billion on CapEx in Q4, potentially lifting their combined CapEx to a record $740 billion in 2026. Big Tech is undertaking one of the largest infrastructure buildouts in history.