Alphabet’s CFO signals AI spending could top $300 billion as cash flow turns negative

Alphabet posted a second straight quarter of negative free cash flow and missed revenue estimates, and its finance chief hinted that capital spending may climb further in 2027 The Google parent’s third-quarter 2026 results showed negative free cash flow of $9.1 billion . It was the second consecutive quarter in the red, a first for Alphabet since it went public more than two decades ago. Investors responded about as warmly as you would expect. Alphabet reported its quarterly earnings on October 28, 2026. Revenue came in at $127.6 billion, below what analysts had expected. Capital expenditures hit a record $51.4 billion for the quarter. Most of that went into AI compute, meaning the data centers, chips and supporting gear needed to train and run large models.

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