META's free cash flow crashed 91% on its $145B AI capex bet, while AMZN's AWS surged 37% as its own $220B spend still can't meet demand. Meta: The $145 Billion BetMeta Platforms (NASDAQ:META | META Price Prediction) narrowed its full-year 2026 capex range to $130 billion to $145 billion. Q2 free cash flow collapsed to $784 million, a -91.31% year-over-year decline, while long-term debt climbed to $83.66 billion. Amazon: $220 Billion and Still Short of CapacityAmazon (NASDAQ:AMZN) is guiding to roughly $220 billion in cash capex. Alphabet: $205 Billion and Supply ConstrainedAlphabet (NASDAQ:GOOGL) raised its 2026 capex range to $195 billion to $205 billion.