Shocking stat of the day: Nvidia, $NVDA, Micron, $MU, Broadcom, $AVGO, and Applied Materials, $AMAT, are now expected to generate a record $430 billion in combined free cash flow (FCF) over the next 12 months. That would be more than TRIPLE the FCF they generated just 2 years ago. At the same time, the combined FCF of Amazon, $AMZN, Alphabet, $GOOGL, Meta, $META, Microsoft, $MSFT, and Oracle, $ORCL, is projected to turn negative for the first time on record. That would mark a massive reversal from the +$260 billion peak reported by these companies in 2024. This comes as AI-related CapEx by these 5 companies is estimated to surge to ~$1.8 trillion in 2026 and 2027 combined. Chipmakers are becoming cash machines, while AI giants are burning record amounts of capital.