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  "documentTitle": "2025 Bond Cap Artificial Intelligence AI 2025",
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  "notes": "The slide highlights the inverse relationship between rising capital expenditures and FCF margins in the context of AI investment.",
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      "text": "CapEx: +58%",
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      "text": "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)",
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      "text": "AI Monetization – Microsoft / Amazon / Alphabet / Meta = CapEx Up…Free Cash Flow Margins Down",
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