
Alphabet's Record Profit Hides Its First AI Cash Burn
Alphabet posted record Q2 2026 net income and its first negative free cash flow together. Why $44.9B of AI capex — not the profit — is the real story.
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TECHi reporting and analysis covering Gemini. 2 articles, newest first.

Alphabet posted record Q2 2026 net income and its first negative free cash flow together. Why $44.9B of AI capex — not the profit — is the real story.

Google says monthly tokens across its surfaces jumped from 9.7T in May 2024 to 3.2Q+ in May 2026. The real story is inference demand.