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.

Social Capital

@socialcapital

We make big bets on transformational ideas, technology, and people. Read our annual letters and research:

加入 September 2011

201 正在关注 176.1K 粉丝

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.

显示更多