“AI Has Turned Cash-Cows Into Cash-Pits"

The hyperscalers have taken very good cashefficient businesses and they would break Mr.. Buffett's heart because they've turned them into capex hogs. Right? Microsoft, Amazon, Google, Facebook all have had capex as a percentage of free cash flow go up significantly. Now, as she pointed out, the good news is in the last four or five years, free cash flow themselves have grown. So, your cash flow hit hasn't been enormous. It's only been about a 10% decline in free cash flow, right? It hasn't been horrific. In ...