🚨 GOOGLE’S FREE CASH FLOW JUST TURNED NEGATIVE FOR THE FIRST TIME EVER You probably read this headline several times today, and it sounds like Google’s business is collapsing. In reality, it's not that bad. Here's why: $GOOG generated a record $39.1B in operating cash flow during Q2, up 41% YoY. BUT, it spent $44.9B on data centers, chips, and other infrastructure: $39.1B operating cash flow − $44.9B capex = −$5.9B free cash flow Alphabet isn’t losing money per se. It is spending more cash than ever to win the AI race. • $242.5B in cash and securities • $53.3B in trailing 12-month FCF • Cloud revenue grew 82% • Cloud operating profit more than tripled to $8.8B But YES, there are risks. Google raised its 2026 capex forecast to $195B–$205B and expects another significant increase in 2027. It has transformed from an asset-light advertising cash machine into a capital-intensive AI infrastructure company. Now, its AI revenue must grow fast enough to justify the spending, rising debt, depreciation, and dilution. Limitless traders are expecting some market panic, with just a 20% chance that $GOOG will close the week green. 🔴 Market: Is this just a short-term shakeout or the beginning of a bigger correction?