---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/42952601.md"
description: "Fu Peng: The key turning point where the free cash flow of major US internet companies collectively turns negative in Q2 2026 reflects a shift in market focus from capital expenditure narratives to an examination of true profitability and the sustainability of moats; free cash flow is a core metric for measuring a company's true financial health and shareholder return capability. Its convergence to zero, combined with the delayed explosion of AI application layers, is triggering a re-evaluation by the market regarding the risk that massive capital expenditures may turn into a "bottomless pit." $Invesco QQQ Trust(QQQ.US) $VanEck Semiconductor ETF(SMH.US)"
datetime: "2026-07-27T11:30:52.000Z"
locales:
  - [en](https://longbridge.com/en/topics/42952601.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/42952601.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/42952601.md)
author: "[SSerpens](https://longbridge.com/en/profiles/14786379.md)"
---

# Fu Peng: The key turning point where the free cash…


### Related Stocks

- [QQQ.US](https://longbridge.com/en/quote/QQQ.US.md)
- [SQQQ.US](https://longbridge.com/en/quote/SQQQ.US.md)
- [PSQ.US](https://longbridge.com/en/quote/PSQ.US.md)
- [SMH.US](https://longbridge.com/en/quote/SMH.US.md)
- [.NDX.US](https://longbridge.com/en/quote/.NDX.US.md)

## Comments (1)

- **SSerpens · 2026-07-27T15:17:39.000Z · 👍 2**: Reading bad news is also part of investing; don't just look at the good stuff.