Social Capital(@socialcapital):Capex has exploded over the last ~2 years. It is incorrect to look at this trend and assume that FCF has collapsed because operating cash flow has collapsed. The hyperscalers are deep into an investment cycle, so they are consuming a significant portion of their operating cash flow.

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가입 September 2011

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Social Capital@socialcapital

2026.09.24 17:34

Capex has exploded over the last ~2 years. It is incorrect to look at this trend and assume that FCF has collapsed because operating cash flow has collapsed. The hyperscalers are deep into an investment cycle, so they are consuming a significant portion of their operating cash flow.