Alphabet shares fell around 13% after its quarterly results heightened investor concerns about the cost of Google's AI expansion. The company generated $42.3 billion in operating cash flow, but spent $51.4 billion on infrastructure, leaving free cash flow at a negative $9.1 billion. Net income remained positive at $26.2 billion, while Google Cloud revenue more than doubled and search revenue rose 12%. Alphabet expects the investment to grow further in 2027, putting greater pressure on the company to convert growing demand for AI into sustained cash returns. here.