#depreciation

Amazon raised at least $25 billion in the bond market to fund AI infrastructure, on top of the $54 billion it already borrowed in March. Hyperscalers used to pay for capex out of cash flow. Now they issue debt, and fixed coupons meet uncertain AI revenue.

Amazon, Google, Meta, and Microsoft guided to roughly $725 billion of 2026 capex, up 77% in a year. Some of them show you the revenue on the other side of the spend. Some of them call ROI 'a very technical question' and change the subject. The earnings call is where the tell shows up.