Capital spending at the three major cloud providers is still accelerating, but free cash flow is starting to diverge. The arithmetic is simple: as capex rises, FCF gets squeezed unless revenue keeps pace. The market is willing to pay for AI infrastructure because it believes the investment will translate into future cash flows. The question is how far off that future is. If two companies have the same capex growth rate, but one’s FCF is still expanding while the other’s has already turned negative, their risks are completely different. #AI