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$GOOGL for the first time since the IPO showed negative free cash flow.
In Q2 2026, FCF was -$5.9 billion.
The reason? Not a weak business, but record AI investment.
📊 Capital expenditures jumped to $44.9 billion—nearly double year over year. The main spending is going into data centers, GPUs, network infrastructure, and power.
At the same time:
• Revenue grew by 24%—to almost $120 billion.
• Google Cloud increased by 82%.
• Gemini usage continues to grow rapidly.
Alphabet isn’t holding back—the company is betting on winning the AI race, understanding that falling behind could cost leadership for years to come.
The question now is: will these expenses become the foundation for the next technological dominance, or will they turn out to be an excessively costly bet?
#GOOG #AI