Tech infrastructure giant just posted its ugliest session in over two decades—shares cratered 13.5% at the bell, erasing a staggering $102 billion in value.

The damage traces back to their latest quarterly print. Capital expenditures ballooned to $12.03B, way past the $8.25B Street was bracing for. Revenue? Missed the mark at $16.06B versus $16.21B anticipated. But here's the kicker: free cash flow bled $10 billion negative, double the $5.2B burn analysts had modeled.

Management's raising eyebrows with new guidance, too. Full-year capex now projected at a jaw-dropping $50 billion—a massive escalation that's got investors questioning the return profile on all that infrastructure spend. Cloud buildout isn't cheap, but this scale of commitment without proportional revenue acceleration is triggering serious valuation reassessments across institutional desks.