Baker reports hyperscaler operating cash flow accelerated from $28B to $32B despite unusual legal expenses.
“Operating cash flow from Microsoft, Meta, and Amazon has reported accelerated from '28 to '32. There are some actually pretty big unusual items now like these hyperscalers.”
Baker says adjusting for one-time items shows hyperscaler operating cash flow accelerated from $28B to $35B.
“But there is an unusual amount of onetimers this quarter. And if you adjust for that, we went from 28 to 35. That's that's a material acceleration at this scale.”
https://x.com/GavinSBaker/status/2082166566280642676
https://x.com/GavinSBaker/status/2082166566280642676
post Baker acknowledges real yields rising and spreads widening but argues less credit needed given operating cash flow acceleration
https://x.com/GavinSBaker/status/2082172911142719724
post Baker acknowledges real yields rising and spreads widening but argues less credit needed given operating cash flow acceleration
https://x.com/GavinSBaker/status/2082172911142719724