AI infrastructure spending is challenging cash flow, buybacks and debt capacity

Meta’s Q3 coverage links higher AI capex to negative free cash flow and a roughly 7% share decline despite earnings growth; its cash balance is a meaningful counterweight. Alphabet’s October 28 preview also puts capex, free cash flow, Search monetization and Cloud profitability in focus. Nvidia’s reported neocloud exposure and the reported OpenAI and SOAR AI financing and deployment plans heighten questions about funding, concentration and durable demand, but do not establish customer distress.