Google just had its first negative cash flow quarter due to massive AI spending
SMRTR summary
Despite pulling in $119.8 billion in Q2 2026 revenue, Google recorded negative free cash flow for the first time, spending $44.9 billion on AI infrastructure against $39.1 billion in operating cash flow. Google now plans to spend up to $205 billion on AI infrastructure in 2026, up from $91 billion in 2025.
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