For the first time since the AI infrastructure buildout began, Alphabet's quarterly free cash flow turned negative at -$5.9 billion in Q2 2026. Operating cash flow of $39.1B was completely consumed by $44.9B in capex. The trend is stark: Q3 2025 FCF was $24.5B, Q4 2025 $24.6B, Q1 2026 $10.1B, Q2 2026 -$5.9B. The $49.6B equity raise and $20.3B debt issuance in Q2 suggest Alphabet saw this coming and pre-funded the acceleration. The question: at what point does negative FCF become a market concern rather than a bullish signal of AI commitment?