(https://www.cnbc.com/2026/08/21/jpmorgan-worries-about-autumn-downturn-in-stocks.html) and drew the 2000 tech peak comparison. Fair warning on multiple compression risk. But the panic is pricing in a scenario where AI capex blows up returns while FCF dollars collapse. The data shows a more mixed picture—these three are generating substantial free cash flow while deploying capital at different efficiency levels.

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