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Billions of dollars have been wiped off the value of companies that pivoted their business model to buying and holding bitcoin. Some are selling their tokens and returning to their original core businesses. What happened to the bitcoin treasury boom?
Capex has exploded over the last ~2 years.
It is incorrect to look at this trend and assume that FCF has collapsed because operating cash flow has collapsed.
The hyperscalers are deep into an investment cycle, so they are consuming a significant portion of their operating cash flow.
The AI build-out is on track to become the biggest economic bet in U.S. history, dwarfing the investments made to fund other huge U.S. infrastructure projects such as the railroads, the highway system and the plumbing for the internet. on.wsj.com/3T7NfrY