AI hyperscalers monetize these investments by selling cloud computing capacity, charging for access to AI models and premium software tools, and using AI to strengthen advertising, search, and other core businesses. Every time one of these firms boosted its capex guidance, the stock would surge. Moreover, Microsoft, Alphabet, and Meta generated enough free cash flow in their latest fiscal years to cover dividends and share buybacks. In this new environment, where all eyes are on AI capex, is less spending better? Eisman said in a recent CNBC interview that the stock market would "go straight down" if any major hyperscaler cuts its AI capex guidance.