The Projection — a symmetric watercolor butterfly

The Projection

The surface is never the system.

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Optionality

across 5 members — open each for the figure + sources

about Hyperscaler

aggregate of member nodes

Aggregate of 5 member claims — each member's sourced figures are below.

the working

Basis

aggregate of member nodes

Member claims 5

This is an aggregate — its evidence is the members' own claims.

  • Google free-leaning-mixed — dual-class founder control keeps it free, but ~$132B/yr TTM AI capex …
  • Microsoft mixed — legally free discretionary treasury, but a rising majority self-earmarked to the …
  • Amazon mixed/constrained — governance free (Bezos single-class, no returns to fund) but operating …
  • Meta mixed — Zuckerberg dual-class control keeps governance free, but Meta has taken on …
  • Oracle constrained/locked — negative FCF (-$23.7B), high leverage (debt $156B, D/E ~3.6x), cash …

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A claim is one metric we assert about a node — the value is the summary, this page is the receipt. Sourced from kestrel; supersedes-history not yet shown. Back to Hyperscaler.