The projection for 2027 is -0.8%.

AI capex will consume virtually all of the operating cash flow of hyperscalers between 2026 and 2028, an investment level that surpasses the peak of the 4G/5G cycle for American telecom companies.

The market is rewarding those who invest in AI.

But there is a point where investment ceases to be a thesis and becomes cash flow pressure.

For companies that the market still prices as cash generators, a negative FCF margin is a significant shift in narrative.