The biggest test for AI’s business case in 2026 isn’t a new model or a benchmark score — it is a capital cycle. What once read as a long-term productivity revolution is now colliding with the immediate language of markets: depreciation, debt, free cash flow and return on invested capital.
Background: the Mag 7, the arms race and a new accounting of value
The so-called Mag 7 — Microsoft, Apple, Amazon, Meta, Alphabet, Nvidia and Tesla — have been recast in 2026 not simply as growth engines...