AI ROI | 2026.01

• Capex: $450B FY25E → $600B FY26E

• Capex as % of cash flow from operations (“CFO”): 60-80% for GOOGL, META, AMZN, MSFT; over 100% for ORCL

• Capex as % of Rev: more than doubling vs. pre-2023

• CFO as % of Rev showing improving trends

• FCF Margin: Other than ORCL, META and AMZN are the two showing the largest decrease in FCF margin %