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$GOOGL $XLC $IGV Alphabet's capital spending was $51.4 billion, 40.3% of revenue, and free cash flow, operating cash less that spending, was −$9.1 billion, after a $5.2 billion fine payment and a chip inventory build. Long-term debt is $125.1 billion, from $46.5 billion at the start of the year, and Alphabet sold $12.4 billion of new shares while buying back none. The CFO says 2027 spending will "increase significantly," and the figure on the Q4 call, around February 3, tests the $285 billion TON618's base case carries. #Google #CapEx #AIInfrastructure

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