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Hyperscaler free cash flow compression reflects a structural pivot toward AI infrastructure capex, signaling a prolonged capital deployment cycle. Operational earnings remain strong, indicating intentional investment rather than profitability degradation.

Impact: Investors must adjust valuation models to prioritize operational cash flow and capacity utilization over near-term FCF distributions, avoiding premature sell-offs during infrastructure build-out phases.

— from AI Capex Shifts, Defense Sector Cooling, and Consumer Weakness Signals · Leben mit Aktien | Der Podcast für Anleger mit Weitblick· May 13, 2026