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A fiery cash flow divide is unfolding between chip manufacturers and AI giants: Chipmakers like NVIDIA, Broadcom, and Micron are projected to rake in a staggering $430 billion in free cash flow (FCF) over the next year—three times what they made two years ago. The ones selling the shovels have officially become the richest players in the AI gold rush. Amazon, Google, Meta, Microsoft, and Oracle—these five former 'cash cows'—are seeing their free cash flow collectively turn negative for the first time in history, all to support a $1.8 trillion investment in AI infrastructure.
