The AI Cash Test: Who Passed and Who Didn’t
The AI Cash Test: Who Passed and Who Didn’t
Microsoft Passes, Alphabet Stumbles, Meta Turns to the Capital Markets, and Memory Sells Out to 2029
Key points
Demand for AI infrastructure remains strong, but funding is becoming more selective.
Meta’s free cash flow turned negative for the quarter, and it has priced 37.5 billion dollars of equity, with up to 60 billion more planned.
Lenders are getting tougher with companies that depend on AI data centres, and debt markets are starting to sort borrowers into tiers.
SK Hynix and ASML both report demand ahead of supply into 2028 and beyond…
The skinny
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