The article argues that AI projects are absorbing large amounts of capital, such as Meta's plan to raise US$95b for AI infrastructure, leaving many investors crowded into the same headline stocks. It highlights three companies that a cash flow screen flags as attractive: Halliburton (market cap US$28.9b, generating about US$12.6b from Completion and Production), Oracle (market cap US$382.5b, about US$62.8b from cloud and software), and Citigroup (market cap US$199.7b, about US$24.4b from Markets). For each, it cites a risk: Halliburton's shift of equipment to geopolitically exposed international markets could squeeze margins, Oracle's gigawatt-scale data center build-out could affect how quickly backlog turns into cash, and Citigroup's tokenized deposit and stablecoin push may require sizable spending before fee income rises.
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