--- title: "Evercore ISI: In the AI spending frenzy, ultra-large cloud service providers are expected to experience cash flow \"bleeding,\" with only Microsoft likely to escape unscathed" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/276692210.md" description: "According to data from Evercore ISI, Microsoft is expected to be the only hyper-scale cloud service provider among the \"Seven Giants\" of the U.S. stock market to achieve free cash flow growth in 2026, with a growth rate of 5%. In contrast, Amazon, Alphabet, and Meta Platforms are expected to see a decline in free cash flow. Industry-wide hyper-scale capital expenditures are projected to grow by 58% in 2026, exceeding $70 billion. Analysts point out that whether hyper-scale enterprises can maintain their investment levels remains a question" datetime: "2026-02-24T06:37:03.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/276692210.md) - [en](https://longbridge.com/en/news/276692210.md) - [zh-HK](https://longbridge.com/zh-HK/news/276692210.md) --- > 支持的语言: [English](https://longbridge.com/en/news/276692210.md) | [繁體中文](https://longbridge.com/zh-HK/news/276692210.md) # Evercore ISI: In the AI spending frenzy, ultra-large cloud service providers are expected to experience cash flow "bleeding," with only Microsoft likely to escape unscathed According to data from Evercore ISI, as spending on artificial intelligence (AI) infrastructure expands significantly, Microsoft (MSFT.US) is expected to be the only mega cloud service provider among the "Big Seven" U.S. stocks to achieve growth in free cash flow by 2026. Evercore pointed out that Amazon (AMZN.US), Google (GOOGL.US), and Meta Platforms (META.US) are expected to see a year-on-year decline in free cash flow by 2026, while another large cloud service provider not part of the "Big Seven," Oracle (ORCL.US), is also expected to experience a decline in free cash flow. In contrast, Microsoft's free cash flow is projected to grow by 5% in 2026, while two other tech giants in the "Big Seven," Nvidia (NVDA.US) and Apple (AAPL.US), are expected to achieve double-digit growth in free cash flow. The massive capital expenditures of these tech giants in the industry are expected to grow by 58% in 2026, exceeding $700 billion. Analysts at Evercore, led by Amit Daryanani, stated in an investor report: "The question remains how long these mega enterprises can sustain such levels of investment, especially in cases where free cash flow falls below zero. From a forward free cash flow multiple perspective, Apple remains attractive within this group, trading below 30 times free cash flow for fiscal years 2026 and 2027, while the current average trading price for the 'Big Seven' is over 95 times free cash flow." Analysts also noted: "Over the past three years, the total capital expenditures of the 'Big Seven' plus Oracle accounted for about 40% or less of total operating cash flow, but this proportion has risen to about 50% in the calendar year 2025 and is expected to exceed 60% in the calendar years 2026 and 2027. Although AI-driven demand provides a compelling logic for long-term investment, the short-term consequences are weakening free cash flow, limited capital returns, and increased sensitivity to the financing environment. If debt becomes a more important source of funding for infrastructure expansion, we expect investors' focus to shift towards assets with lower capital intensity and a greater emphasis on investment capital return and capital allocation efficiency." ### 相关股票 - [Microsoft (MSFT.US)](https://longbridge.com/zh-CN/quote/MSFT.US.md) - [Alphabet (GOOGL.US)](https://longbridge.com/zh-CN/quote/GOOGL.US.md) - [Meta Platforms (META.US)](https://longbridge.com/zh-CN/quote/META.US.md) - [Amazon (AMZN.US)](https://longbridge.com/zh-CN/quote/AMZN.US.md) - [Direxion Daily GOOGL Bull 2X Shares (GGLL.US)](https://longbridge.com/zh-CN/quote/GGLL.US.md) - [GraniteShares 2x Long MSFT Daily ETF (MSFL.US)](https://longbridge.com/zh-CN/quote/MSFL.US.md) - [YieldMax MSFT Option Income Strategy ETF (MSFO.US)](https://longbridge.com/zh-CN/quote/MSFO.US.md) - [Roundhill GOOGL WeeklyPay ETF (GOOW.US)](https://longbridge.com/zh-CN/quote/GOOW.US.md) - [Direxion Daily MSFT Bull 2X Shares (MSFU.US)](https://longbridge.com/zh-CN/quote/MSFU.US.md) - [iShares Expanded Tech Software Sector ETF (IGV.US)](https://longbridge.com/zh-CN/quote/IGV.US.md) - [Direxion Daily MSFT Bear 1x Shares (MSFD.US)](https://longbridge.com/zh-CN/quote/MSFD.US.md) - [T-Rex 2X Long Microsoft Daily Target ETF (MSFX.US)](https://longbridge.com/zh-CN/quote/MSFX.US.md) - [Kurv Yield Premium Strategy Microsoft MSFT ETF (MSFY.US)](https://longbridge.com/zh-CN/quote/MSFY.US.md) ## 相关资讯与研究 - [Analysts revise AI hyperscaler debt forecasts after Amazon bond sale](https://longbridge.com/zh-CN/news/279474669.md) - [Sashiko: AI code review system for the Linux kernel spots bugs humans miss](https://longbridge.com/zh-CN/news/279918718.md) - [Microsoft announces Copilot leadership update - blog](https://longbridge.com/zh-CN/news/279457472.md) - [Iliad's Scaleway expands to Italy, seeks to rival US cloud giants in Europe](https://longbridge.com/zh-CN/news/279793648.md) - [Google to open Gemini chatbot to all Hong Kong users amid city’s AI push](https://longbridge.com/zh-CN/news/279259778.md)