Alphabet GOOGL shares have dropped 7% in the past three months, underperforming the broader Zacks Computer & Technology sector's decline of 2.8%. The drop can be attributed to rising capital expenditure as GOOGL focuses on building its AI infrastructure. In the second quarter of 2026, capital expenditure doubled to $44.9 billion, and the company reported negative free cash flow (FCF) of $5.855 billion. Alphabet raised 2026 capital expenditure guidance to the $195-$205 billion range and expects investment to increase significantly again in 2027. Higher depreciation, energy and data-center operating costs will consequently hurt profits, while FCF is expected to remain under pressure.
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