The bill for Google’s AI overspending is yet to come.

Google said Wednesday that its second-quarter free cash flow turned negative by $5.9 billion, as the company’s capital spending continues to rise.

It’s the first time the company has reported negative free cash flow in decades, according to AlphaSense, a sign of how much money Google is spending on AI hardware and data centers.

Google, Amazon, Microsoft and Meta had already planned to spend more than $700 billion in capital expenditures this year, and that number appears to be increasing.

Google said it now expects to spend between $195 billion and $205 billion on capital expenditures for the full year 2026, up from its previous estimate of $180 billion to $190 billion.

Anat Ashkenazi, Google’s chief financial officer, said the company expects capital spending to increase “significantly” in 2027.

On Wednesday, Tesla reported negative cash flow for the first time in more than two years, as Elon Musk’s company also increases spending on artificial intelligence infrastructure.

There’s also the question of how far these dollars really stretch compared to a year ago. Some analysts believe there is inflation due to the higher costs of memory chips and other materials, which makes it more expensive to create capacity.

Considering all this, investors probably expect Google’s cash flow to remain in the red for quite some time, even as the company continues to report strong revenue gains.