I think of this graph as the most important graph for thinking about sustained AI related Capex spending:Source: Fazzari et al. The lowest flat portion represents financing cost out of cash flow. Starting in 2026, hyperscalers are relying on external financing (while other AI related firms without cash flow have been tapping external finance for months). Going forward, free cash flow is projected to rise starting in 2028 — but that’s a projection. Update 2 aug 2026:GS estimates total capex investment of hyperscalers *taking place in the US* at $581 bn in 2026.