EP129: Hyperscalers Turn Into Hyper-Spenders

We welcome Phil Deloughery to the team and dive straight into the hyperscaler CapEx blowout — Google's first-ever negative free cash flow quarter, Oracle's spend ballooning 26x in five years, and all the major cloud players expected to go negative free cash flow next year.Plus: Iran escalation and Houthi disruption shutting down the Bab el-Mandeb strait, US oil reserves at 45-year lows, Brent at $100, Tesla down 14% on zero robotaxi/Optimus updates, Aussie employment blowing past expectations (+76K) making another rate hike near-certain, the ASX SaaS stocks getting crushed, and Trump slapping tariffs on Australia under a forced labour technicality.Next week is massive — RBA, FOMC, Aussie CPI, US GDP, core PCE, plus Apple, Meta, Microsoft and Amazon earnings. Stay sharp.Free portfolio review at mpcmarkets.com.au