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Story summary
- In 2026, Alphabet Inc. and Amazon.com, Inc. plan a combined $380 billion spend on AI and cloud computing, with Alphabet at $175–$185 billion and Amazon at about $200 billion.
- The spend could reduce free cash flow for both, as Amazon's cash flow growth trails Alphabet's and may turn negative.
- Backlogs of $240 billion for Alphabet Inc. and $244 billion for Amazon indicate strong demand, even as market sell-offs follow announcements.
