Alphabet、亚马逊、Meta和微软等科技巨头计划在今年投入超过7400亿美元的资本支出以建设AI基础设施，这一巨额成本引发了投资者对负面自由现金流及债务负担的强烈担忧1。市场对此反应剧烈，纳斯达克指数下跌2.9%，其中英伟达股价下滑4%，博通跌幅超过5%，高通更是重挫11%1。Alphabet股价周四暴跌12%，导致其市值蒸发500亿美元，主要原因是财报显示其连续两个季度自由现金流为负1。
具体财务数据显示，Alphabet第三季度录得91亿美元的负自由现金流，单季资本支出增至514亿美元，预计全年支出将高达2050亿美元；其谷歌搜索广告的增长率放缓至12%1。亚马逊过去12个月的负自由现金流达到424亿美元，并预计今年资本支出为2200亿美元1。Meta在第三季度也报告了21亿美元的负自由现金流，指引今年的资本支出最高可达1450亿美元1。相比之下，微软在资本支出452亿美元的同时，仍记录了186亿美元的正面自由现金流1。
除了现金流压力，债务规模也在急剧膨胀。2026年，微软、Alphabet、亚马逊、Meta和甲骨文合计融资3260亿美元，是去年的三倍1。高昂的AI投入正在侵蚀这些公司的核心盈利能力，并可能影响初创企业的上市前景，例如黑石集团警告称，Anthropic在IPO后可能无法获得投资级评级1。
Alphabet, Amazon, Meta, and Microsoft have collectively outlined capital expenditure plans exceeding $740 billion for the current year to fuel artificial intelligence infrastructure, triggering significant investor concern over mounting costs, negative free cash flows, and rising debt burdens 1. The market reacted sharply to these announcements, with the Nasdaq index falling 2.9% and semiconductor stocks suffering heavy losses; specifically, Nvidia dropped 4%, Broadcom fell more than 5%, and Qualcomm declined by 11% 1. Alphabet experienced a particularly severe downturn, plummeting 12% on Thursday and wiping out $500 billion in market value after its earnings report revealed that free cash flow had turned negative for two consecutive quarters 1.
Detailed financial disclosures highlight the strain on profitability despite robust demand for cloud services. Alphabet reported a negative free cash flow of $9.1 billion in the third quarter, with quarterly capital expenditures growing to $51.4 billion, and expects total annual spending to reach up to $205 billion 1. Meanwhile, Google’s Search advertising growth slowed to 12% 1. Amazon recorded a negative free cash flow of $42.4 billion over the past 12 months and anticipates $220 billion in capital expenditures this year 1. Meta also faced a negative free cash flow of $2.1 billion in the third quarter while guiding toward capital expenditures of as much as $145 billion for the year 1. In contrast, Microsoft maintained positive free cash flow of $18.6 billion, with capital expenditures standing at $45.2 billion 1.
The financing demands of this spending spree have led to a substantial increase in leverage across the sector. Microsoft, Alphabet, Amazon, Meta, and Oracle raised a combined $326 billion in debt in 2026, a figure triple that of the previous year 1. These financial pressures extend beyond public companies, potentially affecting the initial public offering prospects of startups like Anthropic; Blackstone has warned that Anthropic might not qualify for an investment-grade rating following its IPO 1.
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