(https://www.cnbc.com/2026/07/28/hyperscalers-face-higher-capex-scrutiny-after-alphabet-report-panned.html) will expose what everyone's dancing around: these companies are capturing substantial margins from AI infrastructure, but free cash flow growth is decoupling from revenue growth. Meta posted 47.5% net margins while deploying $14B to a single El Paso data center—a sign capital velocity, not profitability stress.

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