Hyperscaler FCF Collapsed From $60 Billion in 4Q25 to $7 Billion in 2Q26, Expected Negative $13 Billion in 3Q26

The four big hyperscalers' aggregate free cash flow has collapsed from $60 billion in 4Q25 to just $7 billion in 2Q26, and consensus expects it to turn negative, to ($13 billion), in 3Q26 as quarterly capex heads to $200 billion.

https://x.com/joemccann/status/2110075058051784821