Alphabet Posts First Negative Free Cash Flow Since 2004 IPO

Google's parent company Alphabet reported negative free cash flow of $5.9 billion in Q2 2026, its first cash shortfall since going public 22 years ago, as AI infrastructure spending doubled year-over-year. Capital expenditures hit a record $44.9 billion in the quarter — more than the $39.1 billion the company actually generated from operations. Meanwhile, SK Hynix reported a sixfold profit surge driven by AI chip demand, underscoring how the AI spending wave is reshaping winners and losers across the tech economy.