Bank of America’s latest data shows that free cash flow in the technology sector is becoming noticeably divergent.


NVIDIA, Micron, Broadcom, and Applied Materials are expected to generate a combined free cash flow of about $430 billion over the next 12 months, up to more than three times from two years ago.
Meanwhile, the combined free cash flow of Amazon, Alphabet, Meta, Microsoft, and Oracle is expected to fall from a peak of around $260 billion in 2024 to negative territory.
These five companies plan to continue significantly increasing AI-related capital expenditures in 2026 to 2027, with the total expected to approach $1.8 trillion.
Upstream is taking the money, while the cloud giants are investing.
NVDA-1.74%
AVGO-2.31%
AMAT-3.13%
AMZN1.50%
META-1.43%
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