Big Tech’s AI Spending Raises Questions About Future Free Cash Flow

Meta ($META) attracted approximately $58 billion in orders for the U.S. dollar portion of its bond offering, nearly four times the at least $15 billion it is expected to issue.
Alphabet ($GOOGL) is projecting 2026 capital expenditures of up to $205 billion and has returned to the euro bond market. Meanwhile, Anthropic ($ANT) is moving toward an IPO after raising $141.1 billion through private funding.
AI demand itself isn't the main concern. The bigger question is how much capital these companies will need to raise before their massive AI investments translate into meaningful free cash flow.