Why Good AI News Isn't Moving Stocks (The Risk Nobody's Talking About)

For two years, AI capex was funded by excess — buybacks stayed huge, free cash flow stayed solid. In 2026, that changes. Meta, Google, Microsoft are now spending beyond their free cash flow. The demand is real, but certain investors can't hold these names anymore. I explain the shift from "funded by excess" to "funded by commitment" — and why patient investors have the edge.