The analysis suggests that Amazon's cash flow issues primarily stem from its $53.1 billion capital expenditure on AI infrastructure. However, its AWS cloud services division showed strong revenue growth (up 36.7% year-over-year to $42.2 billion) and has a backlog of $496 billion in orders, providing assurance for future cash flow recovery. In contrast, Meta's capital expenditure last quarter was $31.1 billion, and while its free cash flow surplus of $784 million was positive, its structural risks are considered deeper due to the lack of cloud service revenue to offset hardware costs. Amazon plans approximately $200 billion in capital expenditure by 2026, while Meta has narrowed its range to $130 billion to $145 billion. Over the past month, Meta's stock price has fallen by 13.42%, while Amazon's has risen by 3.02%.