Veteran Macro Investor Says AIs Easy Money Is Over and Bitcoin Is Next
Veteran macro investor Jordi Visser says the easy money in artificial intelligence (AI) is gone. He thinks Bitcoin (BTC) is where the next big gains turn up. New company filings help explain why. The biggest AI spenders are now burning cash faster than they bring it in. Big Tech Is Burning Cash to Build AI Google spent more cash last quarter than it collected. That has never happened since the company listed in 2004. Sponsored Sponsored The measure that matters here is free cash flow. It is simply the money left over after a company pays for the data centers it is building. All three of the biggest AI spenders saw that cushion shrink.CompanyCash left over, April to JuneSame quarter last yearMicrosoft$19.6 billion$25.6 billionMeta$784 million$8.5 billionAlphabetNegative $5.9 billionPositive $5.3 billion Metas drop is the eye-catching one. A year ago it kept $8.5 billion. This time it kept $784 million. Its own release shows why. Sales rose 28%. Costs rose 55%. Meta then borrowed $24.91 billion to keep building. It spent $31.08 billion on new capacity in three months. One fair caveat. Some of those costs were legal bills and layoff payments, not AI. Together they came to $3.58 billion. Microsoft looks the healthiest of the three. Its filing shows sales up