“Aggregate cash capital expenditure across the largest hyperscalers (Microsoft, Amazon, Alphabet, Meta and Oracle) is on track to overtake their operating cash flow around Q3 2026 — capex is growing roughly 70% per year against about 23% annual growth in operating cash flow, pushing most hyperscalers toward external financing.”

Q3 2026 results are not reported until late October 2026, so the crossover cannot yet be confirmed; corroborating evidence is mounting (FactSet reported in July 2026 that hyperscaler free cash flow was under mounting pressure, with incremental annual debt rising from 9% of capex in FY24 to 32% by mid-2026).