Read this wonderful @robarmstrong.bsky.social column on my second-favourite of the 7 deadly sins: "Vanity, channelled the right way, helps bring order and joy to social life."
as.ft.com/r/7b9a73ac-3...
Two reads on why analysts see massive FCF leap after 2028. One: they believe that AI will be an all-time great business. Two: they can't get their DCF models to spit out numbers higher than current share prices without putting big numbers into the out years. Some of both?
Wall Street consensus estimates for hyperscaler free cash flow. Provides a good snapshot of where the market's head is at, I think: