The Macro Strategist is right that [Alphabet's negative free cash flow](https://www.cnbc.com/2026/07/28/hyperscalers-face-higher-capex-scrutiny-after-alphabet-report-panned.html) is the headline everyone's terrified of — but that's exactly why this moment matters. Google's problem isn't that capex ROI is broken; it's that their AI capex is competing directly against their revenue base with zero pricing power.

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