[FLASH] Alphabet falls about 3.6% as a $25bn notes closing turns attention to the funding side of AI capex
Alphabet Class A fell 3.61% on 2026-08-11 (Class C 3.38%), trading between $343.20 and $357.86, the day after it closed a $25bn multi-tranche senior notes offering with coupons of 4.500%-6.500% and maturities from 2028 to 2066. The move re-prices disclosures already on the table rather than new ones: Q2 capex of $44.9bn exceeded $39.1bn of operating cash flow, putting free cash flow at a $5.9bn deficit - negative for the first time in 22 years as a public company - and the 2026 capex guide was lifted to $195-205bn from $180-190bn. Watch whether the funding cadence continues, after roughly $49.6bn of equity and $20.3bn of notes in June took long-term debt to about $98bn.