The rapid rise of artificial intelligence (AI) is forcing a strategic shift in how Wall Street evaluates corporate performance, reducing the long-standing emphasis on earnings per share (EPS), placing greater focus on cash flow and capital investment.

For decades, quarterly EPS beats and misses have dominated earnings season while the enormous capital expenditure (capex) required to build AI infrastructure is challenging that mindset.

Big Tech "hyperscalers" including Alphabet, Microsoft, Meta and Amazon are investing hundreds of billions of dollars in data centres, advanced chips and energy infrastructure, transforming previously........

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