Microsoft no longer has net cash on its balance sheet as of recently, signaling that the hyperscalers have shifted from being capital-light, highly profitable businesses with fortress balance sheets to capital-intensive infrastructure operators taking on leverage to fund AI infrastructure buildout.
factualpending
Speaker
Chris SemperEvidence Quote
“Microsoft no longer has net cash on the balance sheet... starting to see some leverage.”
Source
We Asked Chris Bloomstran Why He Won’t Own the S&P 500 At These Levels — And What He Does Instead— Excess ReturnsCreated: 8/12/2026, 6:13:17 PM
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