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Investors Worry: Tech Giants' AI Spending Risks Cash Flow

2/18/2026

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Summary

Story summary

Investors are anxious about tech giants' record AI capital expenditures and potential cash-flow pressure.
Analysts at Evercore ISI warn that ongoing AI spending could push free cash flow negative for Amazon and Alphabet.
Bank of America surveys show 35% of fund managers say companies are overinvesting in AI, a record high.
Shares of Microsoft and Amazon have fallen as investors reassess AI-related risk.

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Story summary

Investors are anxious about tech giants' record AI capital expenditures and potential cash-flow pressure.
Analysts at Evercore ISI warn that ongoing AI spending could push free cash flow negative for Amazon and Alphabet.
Bank of America surveys show 35% of fund managers say companies are overinvesting in AI, a record high.
Shares of Microsoft and Amazon have fallen as investors reassess AI-related risk.