在算现金流

Group 1 - The cash flow situation is tight for major companies, with Oracle reporting a net cash flow of -300 million USD for the third quarter, despite an operating cash flow of 8 billion USD and investment activities of -8.7 billion USD, ending with a cash balance of 10.4 billion USD [2] - Microsoft is forecasting a capital expenditure (capex) of 30 billion USD for the quarter, which may be higher based on the delivery rhythm of NV. The company had a cash net amount of 11.9 billion USD and a cash balance of 30.2 billion USD at the end of the period [4] - The industry anticipates that the scale effect of AI cloud will reach a critical point by early 2027, with 2026 expected to be a challenging year for cash flow [5][6] Group 2 - There is a general optimism about the future of AI applications, with expectations that the gross margin will increase as the scale effect reaches its threshold [6] - The financing activities are expected to expand throughout 2026, as companies look for ways to alleviate cash flow pressures, primarily through interest rate cuts and increased financing efforts [5][6]