Big Tech capex to top $1T in 2027 as FCF dips below $100B

Analysts project Amazon, Meta, Microsoft, and Alphabet will collectively exceed $1 trillion in annual capital expenditures by 2027, while combined free cash flow falls below $100 billion. This marks a widening gap between investment and cash generation, signaling sustained heavy AI infrastructure spending. The forecast implies continued pressure on balance sheets and potential implications for shareholder returns.