科技巨头传递信号："避风港在哪儿？在存储"

3Q26 results from five big techs (Meta, Alphabet, Microsoft, Amazon and SpaceX) are now in and reaffirm the view that AI investment cannot stop, but cash stamina has started to diverge: Meta, Alphabet and Amazon turned quarterly FCF negative, halted buybacks and are widening their funding base through equity and debt, while Microsoft (positive FCF) and SpaceX (investment backed by revenue visibility) were rewarded by the market. Applying a higher 2027E capex growth scenario, the four hyperscalers' combined FCF falls further and could turn negative, with the gap to be filled by debt and equity, so resources should flow to the winners with funding capacity. AI cannibalisation of existing businesses (e.g. search and advertising) shows AI spending has become a defensive necessity rather than a growth lever. By contrast, memory makers are accumulating cash and their shareholder returns are only beginning, yet the sector trades at a very low P/E and an 85-90% discount to big tech, implying t