I checked the U.S. premarket in the evening, and Google was doing even worse than we said this morning, down more than 10% before the bell. It has negative free cash flow of over $9 billion, and is still planning to spend $195 billion to $205 billion on capital expenditures for the full year. The market is really starting to reckon with the cost of burning cash on AI today. Microsoft was still up premarket, while Nasdaq futures were down more than 1%. Software stocks were also getting hit, with Fortinet down more than 25% premarket. GDP and PCE are up first tonight at 8:30, followed by Amazon and Intel after the close.

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