Amazon and Meta among Hyper 5 facing AI cash-flow test
AI infrastructure spending has pushed the Hyper 5 to historically high capital investments, with S&P Global saying the current capex-to-depreciation cycle exceeds dot-com and Great Recession peaks. For Meta, July results show Q2 free cash flow fell 91% to $784 million as it expanded AI infrastructure, while capex rose 83% to $31.1 billion, increasing uncertainty about sustainability.