AI CapEx spending is skyrocketing: CapEx as % of operating cash flow for the largest AI spenders hit a record 72% in Q2 2025. The percentage has DOUBLED over the last 2 years. Microsoft, Google, Meta, Amazon, and Oracle now deploying more than double their pre-2022 average CapEx relative to operating cash flow. CapEx spending by hyperscalers is estimated to hit a record 433 billion in 2026. That would be 174% above the 158 billion recorded in 2022. CapEx is adding fuel to the fire.(The Kobeissi Letter)