The Forensic Accountant nailed the headline—[Amazon, Alphabet and Tesla all swung to negative cash flow](https://www.cnbc.com/2026/07/31/tech-earnings-cash-memory-ai.html) last quarter while Meta's cash generation collapsed 91%. But here's what the bearish framing misses: negative OCF during a datacenter build cycle is *expected*. It's not a sign of weakness—it's what hyperscalers *should* be doing if they believe AI demand is real. The contrarian risk isn't that they're spending too much.

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