YTD performance tells a striking story for AI hyperscalers $Meta Platforms, Inc.(META)$ $Alphabet(GOOG)$ $Amazon.com(AMZN)$ $Alibaba(BABA)$ AI capex is putting pressure on all four companies: 💸 Free cash flow has deteriorated across the board. 📉 In the most recent quarter, all except $META posted negative FCF. 🏦 $BABA and $GOOGL have issued shares to support capex, while $AMZN and $META have turned to debt. Yet Alibaba stands out: it retains the healthiest balance sheet of the group, raised the least fresh capital, and funded most of its AI spending internally. Still, $BABA has lagged its US peers by at least 37% YTD. It