Massive AI infrastructure buildout costs are pressuring cash flow at major technology companies, prompting investors to prioritize balance sheet metrics like free cash flow, return on equity、net debt leverage and earnings consistency. This shift is also influenced by the bond market's difficulty in absorbing AI-related debt and rising yields. Some AI-related IPOs are reportedly being delayed, and the S&P 500's price-to-earnings has declined despite near-record market levels, indicating a move away from speculative valuation growth. In Q2 2026, hyperscalers' aggregate capital expenditure began to exceed operating cash flow, pushing free cash flow into negative territory. The VictoryShares Free Cash Flow ETF (VFLO) has seen over $900 million in net inflows over the past month, reflecting this investor interest.