GOOGL's hidden stock risks

Been digging into Alphabet's financials and wanted to share some findings that go beyond the surface level bullish narrative. This isn't investment advice, just my analysis. The headline numbers look great: Net income up 36% YoY to $100.1B Operating cash flow jumped to $125.3B Stock up \\\\\\\~65% in 2025 But here's what's getting buried: 1. Free Cash Flow is compressing despite higher earnings CapEx jumped 63% ($32.3B → $52.5B) while cash on hand stayed flat at $23.5B. Net income is up, but FCF margin is declining. That's a red flag most screens won't catch. 2. Hidden leverage nobody talks about Long-term debt looks manageable at $10.9B. But capital lease obligations are $14.6B more than the debt itself. All those data centers aren't free. 3. Liquidity is shifting long-term at the worst time Short-term investments dropped from $86.9B to $72.2B while long-term investments increased. They're locking up liquidity right when CapEx is peaking. 4. AI might cannibalize before it monetizes Here's the contrarian take: AI-generated answers bypass traditional ad clicks. Investors are pricing AI as additive revenue, but it could redistribute value within Google's ecosystem rather than expand it. 5. Receivables growing at revenue pace Receivables up 9% YoY. If those AI/Cloud contracts have delayed payment milestones, working capital strain could hit during any downturn. 6. Governance risk is real Dual-class structure means founders maintain control regardless of what shareholders want. Limited influence on capital allocation or dividend policy. Finding this stuff took hours of digging through filings. If you're a value investor tired of fragmented research and information overload causing you to miss risk signals. There are tools to surface these kinds of non-obvious risks. Anyone else concerned about the CapEx ramp or see it differently?