The Dow Jones Industrial Average hit a record high on August 3, 2026. The Nasdaq gained 2.1% and the S&P 500 rose 1.5%, propelled by companies that are nonetheless burning through cash at a historic pace. Alphabet reported negative free cash flow in Q2 2026 for the first time since its IPO, Amazon posted negative trailing 12-month free cash flow of $7.6 billion, and Meta’s cash generation collapsed by 91% year-over-year. These groups plan massive AI investments, with Alphabet alone expecting up to $205 billion in capital expenditure for 2026.
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