Hyperscaler cash flow is the AI capex test

Hyperscaler cash flow is becoming one of the most important charts in the AI trade.
The market already knows $MSFT, $AMZN, $GOOGL, $META, and $ORCL are spending aggressively on AI infrastructure.
The real question is whether forward cash flow can keep up with that spending cycle.
If cash flow expands while capex rises, the AI buildout looks sustainable.
If cash flow weakens while spending keeps accelerating, investors may start questioning the return profile.
For $QQQ, hyperscaler cash flow is now the bridge between AI hype and AI economics.