# Google 因巨额 AI 支出首次出现负现金流季度

- 来源：Ars Technica：AI（RSS）
- 作者：Ryan Whitwam
- 发布时间：2026-07-24 00:04
- AIHOT 分数：61
- AIHOT 链接：https://aihot.virxact.com/items/cmrxq3mwz01hsroxp4r6ro42m
- 原文链接：https://arstechnica.com/google/2026/07/google-just-had-its-first-negative-cash-flow-quarter-ever-due-to-massive-ai-spending

## AI 摘要

Google 2026 年第二季度总收入达 1198 亿美元，超出分析师预期，但 AI 基础设施资本支出激增导致公司首次出现负现金流。搜索业务贡献 633 亿美元，Google Cloud 收入 248 亿美元（环比增长 23.8%），YouTube 广告收入 111 亿美元（环比增长超 12%）。运营现金流约 391 亿美元，同比增长 40%，但支出增幅更大。

## 正文

Google has reported its financial results for the second quarter of 2026 (PDF), and as usual, the search giant raked in an unfathomable amount of money. Google saw total revenue of $119.8 billion, beating analyst expectations by a comfortable margin. Despite that, the company's stock has taken a hit. Along with all that revenue, Google has announced a further increase in its AI-fueled capital expenditures (or capex). The company is actually spending so much on AI infrastructure that it has negative cash flow for the first time.

Search was the largest chunk of Google's income, accounting for $63.3 billion. Google Cloud pulled in $24.8 billion, a significant 23.8 percent increase from the first quarter. This shows there is massive demand for Google's AI services. Google also earned $12.9 billion from its subscriptions, platforms, and devices portfolio, as well as $11.1 billion from YouTube ads. The company managed to goose that last one by more than 12 percent since last quarter as it made YouTube ads even longer.

A significant chunk of Google's revenue comes from investments. When you subtract those non-cash earnings, Google's operating cash flow for Q2 2026 was about $39.1 billion. That's not the most the company has ever seen, but it's a healthy 40 percent increase from Q2 2025. The problem is that Google's spending has also gone up—a lot.