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1:35
YouTube
Nicholas Crown
The Trade That Decides Big Tech
The hyperscalers used to print cash. Microsoft, Alphabet, Meta, and Amazon ran free cash flow margins at two to three times the S&P 500 median for over a decade. Capex was high, but disciplined. Cash conversion was the entire investment thesis. AI changed the math. Meta's capex went from $39 billion in 2024, to $72 billion in 2025, to $125 ...
53.9K views
1 month ago
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