Alphabet, Amazon, Meta, and Microsoft have outlined plans to spend more than $740 billion on capital expenditures this year, triggering investor anxiety over massive AI infrastructure spending. Over the past two weeks, market concerns over negative free cash flow, mounting debt, and uncertain returns spilled across the market. On Friday, the Nasdaq fell 2.9%, while chip stocks dropped significantly with Nvidia down 4%, Broadcom falling more than 5%, and Qualcomm plunging 11%. Alphabet experienced its worst day on record, wiping out $500 billion in market value after reporting negative free cash flow of $9.1 billion in the third quarter. Google's AI-powered chatbot features in Search are also eating into its core advertising revenue, where growth slowed to its weakest pace in five quarters. Amazon reported negative free cash flow of $42.4 billion over the past 12 months with expected capex of $220 billion, while Meta reported negative free cash flow of $2.1 billion. Microsoft was the sole exception with positive free cash flow, though its lower spending was attributed to third-party capacity delays. To finance this infrastructure wave, Microsoft, Alphabet, Amazon, Meta, and Oracle raised a combined $326 billion in debt in 2026, tripling the amount raised the previous year. This financial strain could also complicate Anthropic's highly anticipated IPO as the AI company prepares to go public. This market correction matters because it highlights a growing tension between massive capital investments in artificial intelligence and the financial stability of Big Tech companies.