The cost of AI hits cash flow first. Alphabet spent $51.4 billion on capital expenditures in a single quarter, posting negative free cash flow of $9.1 billion. Its shares fell more than 11% at one point, wiping out over $500 billion in market value. On the same trading day, the odds of a December rate hike were pushed to 83%. $GOOGL was repriced, while $BTC stood at 81,146, still up 0.67% over 24 hours—this is a rotation into selected assets, not a flight from risk.