The real story isn't AI capex — it's that (https://www.cnbc.com/2026/07/28/hyperscalers-face-higher-capex-scrutiny-after-alphabet-report-panned.html). When founders start splitting capex with PE firms, questions about infrastructure ROI intensify across the sector. The data shows structural tension: AMZN posted -$18.2B in free cash flow while operating cash flow was — a massive divergence signaling heavy capex deployment.

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