October 22, 2025 at 4:44 PM
Hyperscaler free cash flow coming down www.apollo.com/content/dam/...
June 28, 2026 at 1:38 PM
Hyperscaler free cash flow coming down www.apollo.com/content/dam/...
June 23, 2026 at 5:08 PM
If a company as large as Microsoft - the only hyperscaler building out AI from cashflow - is having to do token austerity, this shit must cost so much more than we think
March 17, 2026 at 3:40 PM
If a company as large as Microsoft - the only hyperscaler building out AI from cashflow - is having to do token austerity, this shit must cost so much more than we think
seeing the mainstream media - including someone who crowned them "the 4th hyperscaler" five months ago - suddenly freaking out about Oracle's debt. It's the Beginning of History!
March 9, 2026 at 8:52 PM
seeing the mainstream media - including someone who crowned them "the 4th hyperscaler" five months ago - suddenly freaking out about Oracle's debt. It's the Beginning of History!
Kolanovic is really on a push lately — highlighting how the hyperscaler capex boom is benefiting Asia more than the US.
February 20, 2026 at 12:41 PM
Kolanovic is really on a push lately — highlighting how the hyperscaler capex boom is benefiting Asia more than the US.
GOLDMAN: “.. we continue to expect the hyperscaler capex growth rate will begin to decelerate later in 2026.”
February 25, 2026 at 11:54 AM
GOLDMAN: “.. we continue to expect the hyperscaler capex growth rate will begin to decelerate later in 2026.”
GOLDMAN: “.. We believe there will be a lot of hyperscaler issuance. .. For that sector at large we are underweight knowing more issuance will come.”
#$ORCL #$GOOGL #$MSFT #$AMZN
seekingalpha.com/news/4646968...
#$ORCL #$GOOGL #$MSFT #$AMZN
seekingalpha.com/news/4646968...
September 25, 2026 at 12:16 PM
GOLDMAN: “.. We believe there will be a lot of hyperscaler issuance. .. For that sector at large we are underweight knowing more issuance will come.”
#$ORCL #$GOOGL #$MSFT #$AMZN
seekingalpha.com/news/4646968...
#$ORCL #$GOOGL #$MSFT #$AMZN
seekingalpha.com/news/4646968...
Maybe the most important chart of the week: AI hyperscaler bond spreads.
B of A calls it the “watch out” metric.
B of A calls it the “watch out” metric.
November 7, 2025 at 11:45 AM
Maybe the most important chart of the week: AI hyperscaler bond spreads.
B of A calls it the “watch out” metric.
B of A calls it the “watch out” metric.
GS: Realized hyperscaler return on invested capital has declined from 40% to 25%
September 25, 2026 at 12:46 AM
GS: Realized hyperscaler return on invested capital has declined from 40% to 25%
Goldman sees hyperscaler capex growth slowing down dramatically, beginning in Q4.
A reversion “back to early 2023 levels would imply 15-20% downside to the
current valuation multiple of the S&P 500 ..” 👀
A reversion “back to early 2023 levels would imply 15-20% downside to the
current valuation multiple of the S&P 500 ..” 👀
September 8, 2025 at 11:24 PM
Goldman sees hyperscaler capex growth slowing down dramatically, beginning in Q4.
A reversion “back to early 2023 levels would imply 15-20% downside to the
current valuation multiple of the S&P 500 ..” 👀
A reversion “back to early 2023 levels would imply 15-20% downside to the
current valuation multiple of the S&P 500 ..” 👀
Torsten at Apollo: Rates are rising for reasons beyond a strong economy, with sticky inflation lifting yields in the front end, record hyperscaler debt issuance pressuring the belly, and fiscal worries pushing up the long end.
September 26, 2026 at 11:01 AM
Torsten at Apollo: Rates are rising for reasons beyond a strong economy, with sticky inflation lifting yields in the front end, record hyperscaler debt issuance pressuring the belly, and fiscal worries pushing up the long end.
STIFEL: “.. Consensus expects hyperscaler capex growth (Y/Y%) to roll over soon. We disagree. Chipmaker revenue leads hyperscaler capex by roughly one quarter .. and global semiconductor sales point to accelerating capex and upward estimate revisions into 2027.”
July 27, 2026 at 11:59 AM
STIFEL: “.. Consensus expects hyperscaler capex growth (Y/Y%) to roll over soon. We disagree. Chipmaker revenue leads hyperscaler capex by roughly one quarter .. and global semiconductor sales point to accelerating capex and upward estimate revisions into 2027.”
‘Hyperscaler debt issuance continues to grow, reshaping dynamics across financial markets.‘ www.apollo.com/wealth/insig...
July 11, 2026 at 2:05 PM
‘Hyperscaler debt issuance continues to grow, reshaping dynamics across financial markets.‘ www.apollo.com/wealth/insig...
lowest it's been all year, lower than post-DeepSeek, with the additional problem of earnings having just happened, meaning that there's no real way for them to poke it to give life. Hyperscaler earnings end of April. Grim stuff
March 3, 2025 at 8:14 PM
lowest it's been all year, lower than post-DeepSeek, with the additional problem of earnings having just happened, meaning that there's no real way for them to poke it to give life. Hyperscaler earnings end of April. Grim stuff
GS: We estimate that hyperscaler capex is driving roughly half of S&P 500 earnings growth this year.
As hyperscaler capex growth slows and depreciation expenses rise, the impact of AI investment spending on S&P 500 earnings growth will begin to fade and eventually become a drag.
As hyperscaler capex growth slows and depreciation expenses rise, the impact of AI investment spending on S&P 500 earnings growth will begin to fade and eventually become a drag.
September 26, 2026 at 2:23 PM
GS: We estimate that hyperscaler capex is driving roughly half of S&P 500 earnings growth this year.
As hyperscaler capex growth slows and depreciation expenses rise, the impact of AI investment spending on S&P 500 earnings growth will begin to fade and eventually become a drag.
As hyperscaler capex growth slows and depreciation expenses rise, the impact of AI investment spending on S&P 500 earnings growth will begin to fade and eventually become a drag.
GS: Hyperscaler valuations have de-rated to the lowest level in 10 years
September 25, 2026 at 1:16 AM
GS: Hyperscaler valuations have de-rated to the lowest level in 10 years
Carlyle: tech profits of the non-cash variety...
AI hyperscaler FCF (flat) while net income soars. From Octavian Adrian Tanase
AI hyperscaler FCF (flat) while net income soars. From Octavian Adrian Tanase
September 19, 2026 at 1:23 PM
Carlyle: tech profits of the non-cash variety...
AI hyperscaler FCF (flat) while net income soars. From Octavian Adrian Tanase
AI hyperscaler FCF (flat) while net income soars. From Octavian Adrian Tanase
your website is hosted by a hyperscaler
November 13, 2025 at 4:11 PM
your website is hosted by a hyperscaler
Every hyperscaler now has an LLM that's less efficient and more expensive and horribly unprofitable versus Deepseek's open source model which can now be adopted and turned into a competitor to GPT4 or o1 except it's cheaper and you know more about how it works. Maybe it's fine? But how?
January 27, 2025 at 1:07 PM
Every hyperscaler now has an LLM that's less efficient and more expensive and horribly unprofitable versus Deepseek's open source model which can now be adopted and turned into a competitor to GPT4 or o1 except it's cheaper and you know more about how it works. Maybe it's fine? But how?
Dutch resistance to Amazon Web Services storage highlights global risks of hyperscaler cloud dominance, writes Dr. Corinne Cath.
Clouds Over Public Infrastructure: Rethinking Internet Governance in the Hyperscaler Era | TechPolicy.Press
Dutch resistance to Amazon Web Services storage highlights global risks of hyperscaler cloud dominance, writes Dr. Corinne Cath.
www.techpolicy.press
April 17, 2025 at 1:32 PM
Dutch resistance to Amazon Web Services storage highlights global risks of hyperscaler cloud dominance, writes Dr. Corinne Cath.
January 7, 2026 at 7:26 AM
Wall Street consensus estimates for hyperscaler free cash flow. Provides a good snapshot of where the market's head is at, I think:
June 13, 2026 at 7:16 PM
Wall Street consensus estimates for hyperscaler free cash flow. Provides a good snapshot of where the market's head is at, I think:
Microsoft is the only major hyperscaler that discusses their AI revenue in any meaningful sense outside of “it’s growing!”
It’s been three god damn years! Why do these companies not disclose these numbers?
It’s been three god damn years! Why do these companies not disclose these numbers?
October 29, 2025 at 11:18 PM
Microsoft is the only major hyperscaler that discusses their AI revenue in any meaningful sense outside of “it’s growing!”
It’s been three god damn years! Why do these companies not disclose these numbers?
It’s been three god damn years! Why do these companies not disclose these numbers?