Google and Tesla released their Q2 earnings on the same night. I didn’t watch the revenue.

Just go straight to capex and free cash flow:
Both are negative.
→ → →
Google:
Revenue: $119.8 billion, up 24% year over year, beating expectations.
Google Cloud is even stronger: $24.8 billion, up 82% year over year.
On growth alone, no problem.
But capital expenditures are $44.9 billion.
Up twofold year over year.
Full-year guidance is raised to $195–$205 billion (previously $180–$190 billion).
Free cash flow? -$5.9 billion.
Same quarter last year: +$25.0 billion.
One quarter: from +$25.0 billion to -$5.9 billion.
With just this one number, the stock fell 3% after hours—I think the market response is still restrained.
Pichai said Gemini has 950 million monthly active users, and AI investment is “redefining every part of the business.”
Okay—I believe demand is real.
But the fact is also real that the money gets spent faster than it gets earned.
→ → →
Tesla:
This one is more interesting.
Revenue: $28.24 billion, up 26% year over year, well above Wall Street’s $25.7 billion expectation.
Autos: +23%, energy storage: +13%, services surged 50%.
Top line looks great.
Then profits: adjusted EPS was $0.33. Expectations were $0.51.
That’s short by nearly 40%.
Gross margin slipped to 16.8%.
Free cash flow also turned negative at -$1.1 billion.
Capital expenditures: $5.79 billion, up 142% year over year, with full-year forecast exceeding $25.0 billion.
Autonomous driving, Optimus, Cybercab, the AI chip factory—everything is burning cash.
Musk’s exact quote: “We will spend money as quickly as possible, but not waste it.”
Investors clearly don’t buy it—down 4% after hours, and widening to 5–6% premarket.
→ → →
With both earnings reports side by side, the story is the same: growth is real, and the cash burn is real—and the burn rate is faster than the earning rate.
The AI narrative hasn’t died. But the market’s attitude has changed.
It went from buying anything that touches AI to asking: how much did you spend, and how much did you get back?
Next up, the earnings from Meta, Microsoft, and Amazon—the line item for capital expenditures will be watched through a magnifying glass.
Who can prove the money spent comes back, who can stabilize.
If you can’t prove it, you’ll be the next one down -5% after hours.
Figures are based on official earnings reports; the above is purely personal observation.
#GOOGL #TSLA #财报季 #AI #美股