Alphabet reaffirmed its forecast of capital expenditures between $195 billion and $205 billion for fiscal 2026, after raising the range from $180 billion to $190 billion in July. Spending reached $51.36 billion in the third quarter, with about 60% earmarked for servers and AI accelerators. Meanwhile, Google Cloud revenue surged 103% to $30.71 billion and its backlog now exceeds $500 billion. However, Alphabet’s free cash flow turned negative, with a $9.07 billion outflow in the third quarter following a $5.9 billion deficit in the second quarter, marking the first back-to-back decline of this kind in nearly two decades.
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