This is a very interesting chart...

According to it, Big Tech's operating cash flow ($AMZN, $GOOG, $META, $MSFT) must more than triple by 2030.

According to Goldman Sachs $GS, those 4 mentioned companies will spend roughly 800 billion dollars on investments, ten times more than in 2019. AI infrastructure construction this year accounts for about a fifth of U.S. economic growth.

Their own cash is no longer sufficient for such a pace, so companies increasingly resort to debt. We saw this, for example, with $GOOG or $AMZN, which issued new shares/bonds worth tens of billions of dollars this year.

Just by the end of this year, they should issue investment-grade bonds worth about 250 billion dollars.

Alphabet in July reported its first quarter with negative free cash flow since going public in 2004.