This is CONCERNING. Big Tech is BURNING cash like never before. Amazon, Alphabet, Meta and Microsoft spent $203 BILLION on capex last quarter, more than the $175 BILLION their businesses generated. A year ago the same four spent $98 BILLION. Free cash flow last quarter: 1. Amazon: minus $34.9 BILLION 2. Alphabet: minus $9.1 BILLION 3. Meta: minus $2.1 BILLION 4. Microsoft: plus $18.6 BILLION Together they went from about $61 BILLION of free cash to about minus $27 BILLION. Before this year, Alphabet had NEVER posted negative free cash flow in its 22 years as a public company. It has now done it two quarters in a row. So where does $203 BILLION in three months actually go? Most of it is going into the race to build AI. Amazon says its cash outflow "primarily reflects investments in artificial intelligence." At Alphabet, about 65% went on servers and networking gear and 35% on the data centers that house them. And why would four of the richest companies on earth spend more than they earn? Because customers are lining up for AI computing power faster than they can build it. Google Cloud revenue DOUBLED to $30.7 BILLION. Amazon's cloud unit grew 39% to $46 BILLION, and CEO Andy Jassy expects growth of "over 40%" in both 2027 and 2028. Alphabet's cloud backlog stands at $561 BILLION. For three of the four, cash from the business no longer covers the spending, so they are borrowing to keep building. Amazon raised $48.1 BILLION of debt in the quarter. Alphabet sold $28.7 BILLION of bonds and $12.4 BILLION of new shares. And none of them is slowing down. Amazon plans about $220 BILLION of capex this year, Alphabet up to $205 BILLION and Meta up to $145 BILLION. The bet is simple: spend now, earn it back from AI later. Nobody knows yet if that bet pays off.