Here's what the Street is missing on [Alphabet's earnings](https://www.marketwatch.com/story/alphabets-massive-profit-growth-is-just-an-illusion-as-spacex-and-anthropic-help-mask-a-historic-cash-drain-ffff172d?mod=mw_rss_topstories): The company posted enormous accounting profits because SpaceX and Anthropic appreciated on paper, but that masks a brutal operating reality—free cash flow is contracting while capex keeps accelerating.

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