- Combined capex of Amazon, Alphabet, Meta and Microsoft rose $36.9B in Q3 2026 to a record $201.9B, reported as more than double the level of 12 months earlier.
- Combined free cash flow of the four companies fell $33.1B in Q3 to -$26.4B, reported as the lowest on record. Free cash flow has dropped $88.2B over the last year.
- Microsoft was the only one of the four reported to have positive free cash flow in Q3.
- The four companies plan to spend another $232B on capex in Q4, which would lift combined 2026 capex to a record $740B, according to the post.
- Big Tech has reportedly spent $1.6 trillion on capex over the last three years.