Something feels off. Amazon, Alphabet, Meta, and Microsoft are about to spend nearly $700B on AI infrastructure. But:
* Free cash flow is collapsing.
* Debt is rising.
* Stocks are underperforming.
Amazon’s FCF down 71%.
Alphabet raising $25B in debt.
Massive capex across the board.
And at the same time AI companies are spending $1B+ on ads, paying influencers $400K–$600K to promote AI tools.
If AI is truly revolutionary…
Why does it need a Super Bowl ad and creator sponsorships to drive adoption?
The iPhone didn’t.
Google Search didn’t.
Email didn’t.
Either we’re witnessing the biggest tech inflection point since the internet…
Or this is the most expensive Hail Mary in corporate history.
Are you seeing real AI utility in your daily life that justifies this spending? Or does this feel like 1999 all over again?