This slide looks at the capital investment driving AI infrastructure, and how it’s being financed. On the left-hand side, we show capital spending by the major AI hyperscalers, which has surged in recent years and is expected to continue rising in the years ahead. Unlike historical infrastructure booms, the AI wave is primarily being financed via cash flows. On the right, we show the breakdown of operating cash flows and capital expenditures for these businesses, netting out to free cash flow, all as a share of current sales. Despite significant capex upgrades, operating cash flows as risen a commensurate degree, as the hyperscalers have benefitted from rising cloud service revenue and AI-led productivity gains.