Investor jitters grow over Big Tech's $740 billion AI spending spree

Alphabet, Amazon, Meta and Microsoft plan over $740 billion in capital spending this year, but investors are worrying about negative free cash flow and rising debt. Alphabet reported negative free cash flow of $9.1 billion last quarter, and Amazon $42.4 billion over 12 months. Microsoft was the exception. Big tech firms and Oracle raised $326 billion in debt in 2026.