This earnings number is the only one that matters as a gut check on Big Tech's AI spending

Core Viewpoint - The focus of the article is on the significance of cash-flow statements in evaluating the returns on AI investments made by major tech companies, particularly during a substantial capital-spending cycle in the tech industry [1]. Group 1: AI Investment and Returns - The article emphasizes that the question for investors has shifted from whether AI is transformative to whether the significant capital expenditures in AI are yielding measurable returns [1]. - The upcoming earnings reports from four of the "Magnificent Seven" tech companies will provide critical insights into the effectiveness of their AI spending [1]. Group 2: Market Sentiment - There is a growing concern that the market may lose patience if the anticipated returns from AI investments do not materialize soon [1].