Aurora Macro Strategies

AMF #108: Too Much of a Good Thing

July 24, 2026

Cross-AssetUS

Google just posted its first negative free cash flow quarter ever, and the market is still underpricing why that matters. Aurora breaks down the AI capex race, the real driver behind rising real rates, and why capital scarcity, not model competition, is the trade to watch.

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AMF #108: Too Much of a Good Thing