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Why 2028 Free Cash Flow is the Only Hyperscaler Story That Matters
The biggest news yesterday was Meta unveiling its first paid AI model, Muse Spark 1.1, an agentic coding platform that puts them in direct competition with Anthropic and OpenAI. Meta has an advantage here because they own the hardware and the data centers, but the broader read is that frontier models keep getting commoditized and it is a nonstop barrage of competition. My take is that all of it comes down to one chart and one question: does the AI CapEx translate into surging free cash flow by 2028? The consensus from Apollo says the four hyperscalers, Google, Meta, Microsoft, and Amazon, get…
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