According to CoinMeta, on Thursday Eastern Time, Amazon (AMZN.US) announced its financial results for the third quarter of fiscal year 2026, with an operating profit margin reaching 13.9%, a record high. Revenue increased by 39.3% year-over-year, the fastest growth in nearly five years. However, the capital expenditure for that quarter was as high as $77.26 billion, far exceeding Wall Street's expectations. Free cash flow turned negative over the past twelve months, with $42.4 billion flowing out, and management indicated that expenditures are expected to increase significantly in 2027. As a result, the stock price tumbled by more than 11% after the market closed. Prior to this, Google's parent company (Alphabet) (GOOGL.US) experienced the largest one-day decline since its listing due to a similar issue of "capital expenditure devouring cash flow." The market is now reevaluating "huge capital expenditures" as a "burden with questionable returns," and its impact has spread throughout the entire AI infrastructure industry chain.