Alphabet falls 9.97% after free cash flow turns negative; 10-year Treasury yields 5.05%

The significance here is the collision of two pressures rather than either number alone: a mega-cap tech name posting negative free cash flow as capital expenditures outpace earnings, and a long-end Treasury yield at 5.05% after a split FOMC vote with two dissents favoring a hike. Together they frame a market where the cost of capital is rising while the heaviest spenders lose the cash-flow cushion that justified premium valuations. The read-across extends to other capital-intensive AI and infrastructure buildouts, not just Alphabet. Worth watching is whether the two dissents signal a firmer hawkish bloc, and whether negative free cash flow becomes a recurring pattern for large-cap technology spenders.