The market is witnessing something extremely rare: free cash flow (FCF) at tech giants is turning negative. This has barely happened over the past few decades. Many retail investors see this as bearish—but the deeper logic tells a different story.

Why is it turning negative? Because AI CapEx (capital expenditure) is accelerating at an unprecedented pace. The money hasn’t vanished—it has simply flowed into the foundational assets of AI: energy, materials, and industrial infrastructure.

# Escape From US Tech Stocks: Pivot to Defensives as Iran Warns?

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