Big Tech's AI spending now exceeds the cash its operations bring in

Technology & AIBanking & FinanceNorth America · global

What changed

In the first nine months of 2026, Microsoft, Alphabet, Amazon, Meta and Oracle spent $556.9bn on capex. Their operating cash flow was $542.9bn.
Combined free cash flow was minus $14bn, against plus $143.5bn a year earlier. Buybacks fell 83% to $13.6bn.
Alphabet's Q3 free cash flow was minus $9.1bn, on capex of $51.4bn.
Microsoft launched a bond sale of about $25bn on 29 October. Oracle offered $10bn of bonds on 2 November.

Big Tech free cash flow swung to a deficit

Reuters via Kitco, 30 Oct 2026 · Combined free cash flow of five firms, US$ billion.

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