Investing.com -- Alphabet burned $5.9 billion in free cash flow in the second quarter of 2026—its first cash burn on record. The free cash flow swing was the detail that proved hardest to absorb. Alphabet brought in $39.1 billion in operating cash flow but spent $44.9 billion on capex. CEO Sundar Pichai told investors that "our AI investments are redefining what's possible across every part of our business." The Structural Problem: Capex Is Outrunning Cash FlowWhat makes the Alphabet and Tesla reports particularly potent is that they are not isolated.