According to CNBC, Alphabet announced on Wednesday a $205 billion capex forecast for 2026, causing its stock to slide 7% on Thursday; Amazon, Meta and Microsoft shares also fell, intensifying scrutiny over infrastructure spending with uncertain returns.
Alphabet's long-term debt surged 111% to $98 billion in the first half of 2026, while the company turned cash flow negative in Q2 for the first time. Amazon's debt jumped 81% to $119 billion through March 31, and its free cash flow flipped negative in Q1. The three megacaps report earnings this week, with Meta and Microsoft reporting Wednesday after close and Amazon on Thursday.