The Financial Post reports in its Saturday edition that some investors are questioning the amount of cash Big Tech is throwing at artificial intelligence, fuelling concerns for profit margins and the risk that depreciation expenses will drag stocks down before companies can see investments pay off. A Bloomberg dispatch to the Post quotes Jim Morrow at Callodine Capital Management saying: "On a cash flow basis they've all stagnated because they're all collectively making massive bets on the future with all their capital. We focus a lot on balance sheets and cash flows, and so for us they have lost their historical attractive cash flow dynamics." Alphabet, Amazon, Meta and Microsoft are projected to spend $311-billion (U.S.) on capital expenses in their current fiscal years and $337-billion (U.S.) in 2026. That includes a more than 60-per-cent increase during the first quarter from the same period a year ago. Free cash flow, meanwhile, tumbled 23 per cent in the same period. Much of the money is going toward things like semiconductors, servers and networking equipment. However, this gear loses its value much faster than other depreciating assets. Microsoft, Alphabet and Meta all increased depreciation expenses in Q1.