Alphabet and Tesla took a hit from soaring AI spending. Will Microsoft, Meta and Amazon be next?

Big Tech’s binge is draining free cash flow — and the bond markets are taking notice July 28, 2026, 12:52 p.m. ET Share Resize Rising capital expenditures and declining free cash flow are troubling signs for Big Tech leaders including Amazon.com, Microsoft and Google parent Alphabet.

Big Tech is in focus, as Microsoft MSFT , Amazon.com AMZN , Apple AAPL and Meta Platforms META report earnings this week. Wall Street will be looking closely at free cash flow, capital expenditures and growth. Among the tech giants, Apple has kept capital spending relatively restrained, while the others have seen capital expenditures soar and free cash flow decline. Shares of Alphabet GOOGL GOOG and Tesla TSLA both took a hit last week after the companies’ quarterly results, as investors soured on their declining free cash flow and rising capital expenditures.