1127 ET - Alphabet reported its first-ever negative free cash flow number in company history, Davidson analysts say in a research note, as artificial-intelligence investments continue to climb. The Google parent raised its capital expenditure outlook for the year by $15 billion, to between $195 billion and $205 billion, aiming to accelerate its pace of capacity delivery to meet growing demand. "The updated guide implies a material ramp in capex through year-end with nearly $60B in quarterly capex in 3Q and 4Q," the analysts write. Plus, management reiterated that capex will increase "significantly" next year, fretting markets and sending shares 7.5% lower. (connor.hart@wsj.com)

(END) Dow Jones Newswires

July 23, 2026 11:27 ET (15:27 GMT)

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