# The AI build outran operating cash at three of the four big spenders in Q3, not $MSFT
Latent Equity · published Oct 29, 2026 · AI capital ledger
Post: https://x.com/Latent_Equity/status/2115844489268892103

Our read: the AI build now outruns cash at two of the big spenders, not all of them.
$GOOGL spent 121% of what its operations brought in on capex in Q3, the second quarter in a row over 100%.

Capex is spending on data centers, chips and equipment. Operating cash flow is the cash a business brings in from day-to-day operations. When capex is bigger, free cash flow turns negative and the gap is paid from savings or borrowing.

Q3, from the 10-Qs (cash capex):
$GOOGL: 121%, free cash flow -$9.07B
$META: 104%, its first quarter over, free cash flow -$1.16B
$MSFT: 68%, free cash flow +$18.63B
$AMZN reports tonight; we'll add it in the replies.
Site note (Oct 29): $AMZN's Q3 figures are added in the replies to the X post.

So this is two companies, not the whole group. $MSFT still funds its build with cash to spare.

What would prove us wrong:
- if $GOOGL and $META both bring capex back under operating cash flow in Q4 without cutting the yearly spending plans they gave (in $META's earnings release, and on $GOOGL's call), this was a timing bump, not a trend.

General research, the same for every reader. Not investment advice.