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RPO reached $638bn, up 363% year over year. The demand signal strengthened sharply.¹

The thesis now turns on delivery and cash: FY2026 free cash flow was negative $23.7bn after $55.7bn of capital expenditure.¹

$75bn of prepaid or customer-supplied AI hardware lowers the funding burden. The open question is whether capacity converts backlog into revenue before the cash-flow trough extends.^{1, 2}