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Google parent Alphabet crushed Q2 estimates (EPS $9.11, revenue $119.8B) and Cloud jumped 82% to $24.8B โ but investors fled when management hiked full-year capex to $195-205B and signaled even more in 2027, sending free cash flow to -$5.9B. Is Big Tech's AI spending arms race going too far, or is this just the long game? Not financial advice.