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Alphabet reported Q2 2026 revenue of roughly $120 billion, up 24% year-over-year, but posted negative free cash flow of $5.855 billion for the first time in a decade. Capital expenditure nearly doubled to $44.9 billion, driven by AI infrastructure and R&D costs. Alphabet raised $85 billion in new capital, including $10 billion from Berkshire Hathaway.
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