Bubble warning? Bank of America warns the AI boom is running out of cash

Bank of America warns AI boom is running out of cash. Tech giants are spending billions on AI infrastructure but relying heavily on debt, not cash flow. This could put the boom at risk. Capital expenditures for AI infrastructure among companies like Meta, Oracle, Amazon, Alphabet, and Microsoft are now consuming about 94% of their free cash flow (operating cash flow minus dividends and share repurchases), up from 76% the previous year.