AI capex is eating Big Tech cash flow

AI capex is eating the cash that once made $MSFT, $META, $GOOGL, and $AMZN some of the best free-cash-flow machines in the S&P 500.
The market loves the AI growth story.
But the bill is getting bigger every quarter.
At some point, investors will stop asking who is spending the most and start asking who is earning the best return on that spend.