Google has reported its financial results for the second quarter of 2026 (PDF), and as usual, the search giant raked in an unfathomable amount of money. Google saw total revenue of $119.8 billion, beating analyst expectations by a comfortable margin. Despite that, the company's stock has taken a hit. Along with all that revenue, Google has announced a further increase in its AI-fueled capital expenditures (or capex). The company is actually spending so much on AI infrastructure that it has negative cash flow for the first time.

Search was the largest chunk of Google's income, accounting for $63.3 billion. Google Cloud pulled in $24.8 billion, a significant 23.8 percent increase from the first quarter. This shows there is massive demand for Google's AI services. Google also earned $12.9 billion from its subscriptions, platforms, and devices portfolio, as well as $11.1 billion from YouTube ads. The company managed to goose that last one by more than 12 percent since last quarter as it made YouTube ads even longer.

A significant chunk of Google's revenue comes from investments. When you subtract those non-cash earnings, Google's operating cash flow for Q2 2026 was about $39.1 billion. That's not the most the company has ever seen, but it's a healthy 40 percent increase from Q2 2025. The problem is that Google's spending has also gone up—a lot.

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Since its 2022 launch, the Steam Deck has consistently been at or near the top of the company's "top selling products by revenue" charts, with brief dips outside of the top 10 treated as newsworthy events. But sales of the popular handheld gaming PC have apparently been on a steep decline since the system relaunched at a higher price in May.

Linux-focused gaming site Boiling Steam breaks down the historical data, showing how the Deck's chart position has fallen from fifth place immediately after orders resumed in late May down to 14th place for two weeks in early July (the hardware sits at 12th place in the current edition of those charts).

That's in sharp contrast to 2025, when the Steam Deck never dropped below seventh place on the bestseller charts and was only rarely outside the Top 5. Then Valve warned of "intermittent shortages" for the Steam Deck starting in February, leading to weeks of lower chart positions before the Deck became completely unavailable until May.

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