Alphabet Earnings Deep Dive: Revenue Beat but First Negative FCF, AI Capex Funded by External Capital

A deep analysis of Alphabet's earnings: revenue beat (cloud up 82%, EPS $9.11) but $6.26 of EPS came from unrealized gains on Anthropic stake. Free cash flow turned negative for first time, long-term debt doubled, buybacks stopped. Raised ~$70B from equity and debt to fund AI infrastructure.

• Anthropic
• AI基础设施
• Alphabet
• 财报
• 现金流