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Hyperscalers — Cash Flow Is the Rear-View Mirror

The most-quoted number in big tech right now is going the wrong way, fast.

Thomas Look's avatar
Thomas Look
Oct 27, 2026

Free cash flow — the cash left after operations and capital spending — is compressing across every major hyperscaler, and by some projections the group goes collectively negative within quarters. Before Wednesday’s Microsoft and Alphabet reports, it is worth being precise about what that number can and cannot tell you.

The numbers first — the compression…

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