DAILY SITUATION RECAP: Google’s AI capex has turned free cash flow negative for the first time since the company went public in 2004. In Q4 2025, Google’s free cash flow was $24.55B, in Q2 2026 it was -$5.85B. This is due to the company raising its 2026 capex forecast to $195-205B and its contracted future spending commitments to $811B. It may well pay off, though — cloud revenue was up 82% year-over-year, beating expectations. Other Bets, including Waymo, made $382M in revenue, small compared…