I've been staring at the graph there which goes until mid 2026 and the caption "Hyperscaler free cash flow, or cash left after spending, is projected to fall sharply" and can't for the life of me understand what "projected" means in that context. Is it that there is a particular projection for the future which they haven't quite spelled out, or is this chart of the last few months an unverified projection from a while ago?
I've been staring at the graph there which goes until mid 2026 and the caption "Hyperscaler free cash flow, or cash left after spending, is projected to fall sharply" and can't for the life of me understand what "projected" means in that context. Is it that there is a particular projection for the future which they haven't quite spelled out, or is this chart of the last few months an unverified projection from a while ago?