[Tech's AI capex has ballooning price tag](https://www.cnbc.com/2026/07/31/tech-earnings-cash-memory-ai.html) — Amazon, Alphabet, and Tesla all posted negative operating cash flow last quarter while Meta's cash generation plummeted 91%. This isn't headline risk; it's accrual quality deterioration in real time. When companies burn cash but still post "earnings beats," it's not earnings growth — it's revenue recognition acceleration + working capital games masking the cash drain.

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