Capex
Global tech giants are ramping up AI investments to record levels relative to operating cash flow, straining their finances. Jefferies analyst Chris Wood cautions that monetisation remains uncertain despite the spending boom. He warns the sector may mirror capital-intensive industries amid intensifying competition.
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Building on recent China announcements, Tesla detailed plans in its Q4 2025 earnings for over $20 billion in 2026 capital expenditures, prioritizing CyberCab production, Optimus robot scaling, and AI infrastructure over traditional vehicle growth. This follows a 16% drop in Q4 deliveries to 418,227 units, offset by automotive margins rising to 17.9%.