(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 hitting the debt market is being framed as prudent balance sheet management. Wrong. This signals a structural shift in how mega-cap tech finances growth—one that equity markets haven't fully priced in. Alphabet posted $112.2B in annual net income, $119.8B in total revenue, and generated $4.3B in free cash flow.

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