Goldman Sachs is projecting a big swing in hyperscaler free cash flow by Q3 2029.
$Amazon.com(AMZN)$ from -$8.8B to $49B, a $57.8B move.
$Meta Platforms, Inc.(META)$ from $0.8B to $28B, that's +$27.2B or +3,471%.
$Alphabet(GOOGL)$ from -$5.9B to $19B, a $24.9B shift.
$Microsoft(MSFT)$ from $19.6B to $25B, up $5.4B or +27%.
$Oracle(ORCL)$ from -$1.9B to $0B, a $1.9B swing.
The idea is that today's heavy AI capex eventually turns into a compounding engine that's hard to match. The numbers going from deeply negative to strongly positive across several names is the part that stands out to me.
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