perspectiva aiqbenchCipuri & infrastructură

The piece frames AI infrastructure spending as the main driver of a shift in cash flow from cloud providers to chipmakers. The figures come from one broker's forward-looking estimates, not reported results, so they show where expectations sit rather than what has happened. For AI readers, the useful question is whether the revenue that justifies this capex arrives as projected.

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Morgan Stanley: Free Cash Flow of Hyperscalers Plummets to Below -$100 Billion as Capital Historically Flows to Semiconductor Suppliers

36Kr18 octombrie 20261 min de cititArticolul și perspectiva sunt în engleză.

According to a Morgan Stanley Global Research report, the combined free cash flow of hyperscalers over the next 12 months has plummeted below negative $100 billion, with capital expenditures consuming 95% of operating cash flow. This marks a historic shift in capital flows toward semiconductor suppliers. In stark contrast, by September 2026, the top three semiconductor leaders—Nvidia, Micron, and Broadcom—are projected to see their combined free cash flow for the next 12 months surge to nearly $500 billion. This significant divergence stems from an aggressive infrastructure build-out wave: cloud giants including Microsoft, Amazon, Alphabet, Meta, and Oracle have substantially increased spending before realizing related revenue.

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