Between chip manufacturers and AI giants, a cash-flow split is playing out like a battle of ice and fire:


Chip makers such as NVIDIA, Broadcom, and Micron are expected to rake in $430 billion in free cash flow (FCF) over the next year—three times what it was two years ago. The shovel sellers have fully become the richest players in the AI gold rush.
Amazon, Google, Meta, Microsoft, and Oracle—once the five “cash cows”—because they need to support $1.8 trillion in AI infrastructure spending, have seen their free cash flow turn collectively negative for the first time in history.
NVDA4.06%
AVGO-0.27%
AMZN-0.68%
META6.01%
MSFT0.19%
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