(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 now issuing debt to fund it tells you everything. The consensus narrative was that AI would *expand* free cash flow—instead, $GOOG posted in FCF against in operating cash flow, yet they're still borrowing despite in cash and in debt.

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