AI Monetization – Microsoft / Amazon / Alphabet / Meta = CapEx Up…Free Cash Flow Margins Down 174 Capital Expenditure, Free Cash Flow Margin, Revenue Growth – C2023-C2024, per Capital IQ Note: FCF calculated as cash flow from operations less capex to standardize, as only some companies subtract finance leases and Amazon adjusts FCF for gains on sale of equipment. Amazon statistics shown for both AWS & Retail; FCF not broken out across subsidiaries. Source: Capital IQ (5/25) CapEx Free Cash Flow Margin Revenue Microsoft Amazon Alphabet (Google) Meta Platforms (Facebook) $35B $56B +58% $53B $83B +57% $32B $52B +63% $27B $37B +38% vs. 30% 27% -10% 6% 5% -8% 23% 21% -8% 33% 33%