capex

Google Posts First Negative Free Cash Flow in 22 Years to Win GEO and AI

Alphabet posted negative free cash flow of $5.9 billion in Q2 2026 — its first negative free cash flow quarter since the 2004 IPO — while raising capex guidance to $205 billion. The coverage called it a spending story, got the financing number wrong, and missed what the quarter actually discloses about where discovery moved.