CLOUD · T07
Is AI revenue arriving fast enough for the biggest spenders to pay for their data centers out of their own cash?
Microsoft, Alphabet, Amazon and Meta spent 96 cents on property and equipment for each dollar of operating cash in the second quarter of 2026, up from 65 cents across 2025, by DeepStack's reading of SEC filings. Microsoft still pays from its own cash. Amazon spent $1.38 per dollar in the first half.
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The cash still covers it
Cloud sales grow fast enough, and contracts arrive early enough, that the spenders' own cash carries the build and services the debt.
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The bill has moved to debt
Capital spending now exceeds the cash the spenders earn; bonds, leases and commitments kept off the balance sheet fill the gap.
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The questions
Settles Oct 28open
Did Alphabet's purchases of property and equipment for the quarter ended September 30, 2026 equal 80% or more of its net cash provided by operating activities for the same quarter?
Settles Nov 10open
Did the combined purchases of property and equipment of Microsoft, Alphabet, Amazon and Meta for the quarter ended September 30, 2026 exceed their combined net cash provided by operating activities for the same quarter?
Settles Feb 12open
Do the midpoints of the 2027 capital expenditure guidance that Alphabet, Amazon and Meta give with their fourth-quarter 2026 results sum to at least 25% more than the three companies' 2026 capital expenditures?
Settles Feb 16open
Did the combined purchases of property and equipment of Microsoft, Alphabet, Amazon and Meta for the four calendar quarters of 2026 exceed their combined net cash provided by operating activities for the same quarters?