ab 18 August 2026 Global Research US Equity Strategy Cash flow surge supports upside, Q2 EPS takes Cash flow is surging: more capex, spending and payouts to come Q2 reporting reinforced our view that the business cycle is in a new phase where cash flow velocity is driving multiplier effects across industries. Surging cloud sales driving a jump in operating cash flow (OCF) instills more confidence in AI capex sustainability. But outside of hyperscalers, there is ~$750bn more OCF to spend on capex, AI, R&D, o ...