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Jefferies Chris Wood spots a hidden risk in Big Techs $165 billion AI capex race

Big Techs AI capex surge is putting pressure on free cash flow, with Microsoft, Amazon, Alphabet and Meta spending $165 billion in Q2 against just $7 billion in free cash flow. Jefferies Chris Wood warns that growing reliance on cash-burning AI firms OpenAI and Anthropic could pose a hidden risk.

14 Aug 2026 11:28 am