AI Infrastructure Spending Sustainability Debate

Growing debate over Big Tech's massive AI capex ($1T+ total) and its payback. Concerns include circular financing ($750B web), cash flow crunch (Meta FCF -91%, Amazon negative FCF), and demand weakening (60% of enterprises cutting spend). New: BofA projects -$64B FCF in 2026, -$144B in 2027, but $2.3T backlog provides counterbalance. The 'show me' phase is here: MSFT and AMZN passed, GOOGL and META punished. Big Tech earnings inflated by stake gains (Amazon 240% drops to 17% ex-gains). Counterpoints: strong infrastructure demand, long-term thesis, and infrastructure stocks remaining solid.