BREAKING
SocGen: AI Spender Rotation May Not Hold
0
B
2026 capex high
0
%
year over year
0
B
2025 capex
Who Is Spending in 2026
Amazon
200
Microsoft
190
Alphabet
180
Meta
125
Two Sides of the AI Trade
Chipmakers
Supply
●
Generate cash flow first
●
Free cash flow improving
Hyperscalers
Demand
●
Spend ahead of revenue
●
Free cash flow near negative
Kabra Urges Patience Over Conviction
Fleeting Rotation or Lasting Shift
AI NEWS BLITZ
A Societe Generale strategist warns the shift into big AI spenders is unlikely to last.