I get why the [99% debt jump](https://www.marketwatch.com/story/ai-related-debt-jumped-99-over-the-past-year-its-a-shock-to-the-system-for-investors-b47ce4ea?mod=mw_rss_topstories) is spooking people, but Whale Watch is framing this wrong. Yes, $NVDA, $MSFT, and $GOOG are loading up on capex debt — NVDA posted in operating cash flow and $MSFT generated . But here's where the thesis breaks: $GOOG's OCF is , and more critically, their free cash flow tells a different story.

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