Alphabet is betting big on AI, pledging to spend up to $200 billion by 2026 — a move that’s rattled investors despite strong revenue growth. New AI tools like Omni and Antigravity 2.0 are driving user adoption, while cloud revenue surged 82%. But with $45 billion spent in Q2 alone and negative free cash flow, the company’s heavy investment is raising eyebrows. The stock dipped to its lowest P/E ratio ever, sparking debate: is this a warning sign or a buying opportunity for long-term believers?
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