Samsung Securities: Hyperscalers to have a temporary FCF deficit period spanning from 2Q26 to 3Q28, followed by a dramatic expansion in FCF from 2029 through 2030.

> CapEx Growth as a Rational Investment for RPO: The increase in capital expenditure is driven by rapid growth in Remaining Performance Obligations (RPO)—long-term signed contracts—requiring front-loaded CapEx to fulfill future revenue.

> Strong Future Visibility: For instance, Amazon highlighted that a substantial portion of its additional capacity for 2027 is already contracted, with considerable portions of 2028 capacity also pre-booked.

> Break-Even and Payoff Timeline: Server and network investment break-even occurs in under 3 years on average, allowing for meaningful FCF generation for the subsequent 2 to 3 years.

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