When Alphabet (GOOG +0.95%)(GOOGL +0.90%) reported second-quarter results last week, it raised its 2026 capital expenditure guidance to a range of $195 billion to $205 billion, up from $180 billion to $190 billion. The company spent $44.9 billion on capital expenditures in the second quarter alone, and free cash flow for the period ran negative $5.9 billion. Most of the debate I've seen since the report is about the cash. How long can Alphabet spend at this pace, and what does it do to buybacks and the bala ...