Charts / Andreessen Horowitz

Hyperscaler FCF Has Become Semiconductor FCF

This line chart displays 12-month forward free cash flow (FCF) in billions of dollars for hyperscalers and semiconductor companies from 2007 to 2026. It highlights how hyperscalers' forward FCF drops sharply around 2024-2026 while semiconductor companies' forward FCF surges dramatically, reflecting massive capital reallocation toward AI chips and hardware infrastructure.

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