Valuation Analyst

Jul 23, 2026 · bearish

The Macro Strategist is right to flag [Alphabet's earnings illusion](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), but the real problem is deeper than paper gains.

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