Google’s parent company Alphabet releases its 2026 Q2 earnings report: revenue was $119.8 billion, up 24% year over year, with double-digit growth achieved for twelve consecutive quarters. Net profit surged to $112.1 billion, up 298% year over year, mainly driven by unrealized gains on equity investments. Traditional advertising remains resilient, with search and YouTube ads growing steadily. The biggest highlight is Google Cloud: revenue reached $24.8 billion, up 82% year over year; the backlog of cloud executed orders exceeded $514.0 billion, and enterprise AI demand continued to be released. However, as the company increased AI infrastructure spending, quarterly capital expenditures totaled $44.9 billion; free cash flow turned negative for the first time in decades, and it also raised its full-year capital expenditure guidance range. The impressive figures can’t hide concerns about high spending; after the earnings release, the stock price fell in after-hours trading.

In the end, the AI race has turned a top-tier company like Google’s cash flow statement into negative numbers. The problem in the U.S. is that they can’t convert AI into monetization—everything stays floating in the air; pretty data is useless. The market’s view was reflected in the stock falling 3%!

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