S&P 500 tech companies are expected to make $1.7 trillion more cash a year by 2028. The companies that buy from them are expected to make only $840 billion more.

Apollo makes an interesting observation:

Analysts expect operating cash flow in the S&P 500 tech sector to grow 2.4x from 2025 to 2028, reaching $2.9 trillion.

That's an increase of $1.7 trillion, driven largely by companies that profit from AI spending.

The index's other eight sectors, which are technology's customers, are forecast to add just $840 billion in operating cash flow over the same three years, half as much.

Either analysts covering tech are too optimistic, or analysts covering the rest of the index are too cautious.