These 2 large-cap stocks have grown free cash flow while hyperscaler capex has exploded

Hyperscaler capex went from roughly $80 billion in 2020 to a projected $660 billion in 2026, and the FCF margins of Microsoft, Alphabet, Meta, and Oracle have each fallen 8 to 12 percentage points as a direct result. Two large-cap names ran the opposite way over the same four years.