{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"The AI Supercycle","title":"The AI Cash Test: Who Passed and Who Didn’t","html":"<iframe width=\"100%\" height=\"180\" frameborder=\"no\" scrolling=\"no\" seamless src=\"https://share.transistor.fm/e/2b6e9d09\"></iframe>","width":"100%","height":180,"duration":1819,"description":"The AI Cash Test: Who Passed and Who Didn’t\nMicrosoft Passes, Alphabet Stumbles, Meta Turns to the Capital Markets, and Memory Sells Out to 2029\nKey points\nDemand for AI infrastructure remains strong, but funding is becoming more selective.\nMeta’s free cash flow turned negative for the quarter, and it has priced 37.5 billion dollars of equity, with up to 60 billion more planned.\nLenders are getting tougher with companies that depend on AI data centres, and debt markets are starting to sort borrowers into tiers.\nSK Hynix and ASML both report demand ahead of supply into 2028 and beyond.\nMicrosoft combined growth with positive free cash flow. Alphabet’s spending ran ahead of its cash, and the shares fell around 10%.\nThe Fed held rates in a split 10–2 vote, and AI-driven inflation came up at the press conference.\nOil remains strong on tight crude and diesel supplies and Gulf risk.\nChina’s suspension of rare-earth export controls runs to 10 November.\nMost semiconductor charts are recovering, but they haven’t yet confirmed an uptrend.\nChapters\n(00:05) - Who Can Afford to Wait?\n(03:07) - Borrowing Costs and the Fed\n(06:21) - Funding the AI Build-Out\n(15:02) - Energy, Copper, and Constraints\n(17:55) - Geopolitics and Supply Risks\n(19:27) - A Cautious Market View\n(24:09) - The Fed and Earnings Update\n(25:56) - Which Companies Can Fund Growth?\n(28:21) - Putting PRISM to the Test\n\nRead more\n\nThe Weekly Outlook, Market Pulse and In the Spotlight articles: https://qfmarkets.substack.com\nSubscription research, launching in November.\n \nIf there's a question you'd like me to explore or a topic you think deserves a future episode, I'd be very interested to hear from you. Send an email to podcast@quantumfields.ai\nEverything discussed is for information and education only. It is not investment advice or a recommendation to buy or sell any financial instrument.\nTags\nAI Supercycle, AI financing, credit spreads, cost of capital, interest rates, CoreWeave, Nvidia, neoclouds, Nscale,...","thumbnail_url":"https://img.transistorcdn.com/EGB2CNeTYtgbCY9EmoM0RaP0QpKAA8nMGPTJc4-3t_4/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS8zYzBi/MjViMjg0NDU1N2Ux/OTYzOTVkYjkxZjRm/MGExOC5wbmc.webp","thumbnail_width":300,"thumbnail_height":300}