Amazon and Oracle are experiencing negative free cash flow due to surging AI data center capital expenditures, leading to "extreme anxiety" ahead of the upcoming Federal Reserve meeting. Oracle plans to raise approximately $40 billion in debt and equity in fiscal year 2027 to support $70 billion in capital expenditures, facing high financing costs in a high-interest rate environment. While Amazon benefits from the high profit margins of AWS and diversified retail cash flow as a buffer, its capital expenditures for the second quarter also reached $54.2 billion.