Amazon just reported its third-quarter earnings, which show it’s now the latest AI hyperscaler to disappoint the market with below-expectations revenue and a spiraling cash burn.

The company’s free cash flow sank to a negative $42.4 billion, a huge drop compared to the $7.5 billion cash burn reported in the previous quarter, and an even greater drop compared to the $14.8 billion that was flowing into the company at the same time last year. The cash drop was driven primarily by a $94.8 billion jump in property and equipment purchases related to the company’s investments in artificial intelligence, Amazon said. The company expects to spend $220 billion this year, again driven in large part by AI investments.

But while Amazon hemorrhages cash for AI, its revenue also failed to match up to analyst expectations. The tech giant reported $201.9 billion in revenue, up 12% since last year.…