(https://www.marketwatch.com/story/as-alphabet-burns-through-cash-on-ai-its-turning-back-to-the-bond-market-04e85f31?mod=mw_rss_topstories) and issuing debt is being framed as a normal capital structure move. It's not. A company with $922.0B in assets, $84.9B in annual operating cash flow, and a 93.7% net margin doesn't issue bonds because rates are favorable—it does so because FCF is no longer covering capex. That's a deterioration signal.

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