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◆ TESSARA JULY 23, 2026 CAPITAL AFFORDABILITY · Q2 2026 Two hyperscalers outspent their cash. AMZN and ORCL funded the buildout with debt and reserves. The other three stayed under cash coverage. 0.59x META $19.0b / $32.2b 0.66x MSFT $30.9b / $46.7b 0.78x GOOGL $35.7b / $45.8b 1.13x ORCL $16.5b / $14.6b 1.70x AMZN $44.2b / $26.0b capex = OCF Bars: capex ÷ operating cash flow. Sublabels: capex / OCF, latest reported quarter ($B). tessara.tech Capex ÷ operating cash flow · latest reported quarter

Two hyperscalers are outspending their cash

Capex has overtaken operating cash flow at Amazon and Oracle, so both now fund the AI buildout with debt and reserves. Meta, Microsoft and Google still cover capex from cash. The ratio is the cleanest read on who can keep spending at this pace.
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