[DEVELOPING] Big Tech capex plans of up to $828B meet negative free cash flow and an S&P outlook cut on Meta
Fortune (Oct 31) tallied up to $828B of 2026 capex across Amazon, Alphabet, Microsoft, Meta and SpaceX/xAI, with four of the five posting negative Q3 free cash flow (Microsoft the exception). It also reported Nasdaq 100 companies lost more than $1T in market value on Friday. Seoul Economic Daily (Nov 1), citing Reuters, reported S&P moved Meta's outlook to negative while keeping AA-, and that big-tech shareholder returns fell to a 15-year low share of operating cash flow. The market focus has shifted from demand to how the buildout is funded. Watch bond and equity issuance and 2027 capex guidance.