但应该让你担忧的模式是，上周 Alphabet 旗下的谷歌报告了公司有史以来第一个负自由现金流季度，为负 58 亿美元，此前他们的资本支出同比翻倍，达到单季度 450 亿美元。
他们将 2026 年的资本支出指引提高到 195 亿至 250 亿美元之间，对吧？他们在告诉投资者，我们将花费 2000 亿美元现金，并将其再投资到我们的业务中，去建造这些数据中心，就像 2000 亿美元。这简直令人难以置信。
But the pattern that should concern you is that last week Alphabet Google right reported their first ever negative free cash flow quarter as a company negative $5.8 billion after their capital expenditures doubled year-over-year to $45 billion spent in a single quarter company. They raised their 2026 capex guidance to between$1.95 and $25 billion, right? They're they are telling investors, we're going to go spend $200 billion in cash and reinvest it into our business to go build these, you know, data centers and like it's $200 billion. It's just unbelievable.