Am I wrong that free cash flow doesn't mean what it used to for the AI capex names anymore?

Alphabet and Tesla both posted negative free cash flow this week because of AI capex and got hit for it right away, Alphabet down over 6% Thursday. Then the market mostly shrugged it off by Friday. Meanwhile Intel raised its own capex guidance in the same window and got rewarded instead of punished. If the same headline number can tank one stock and barely dent another inside 48 hours, I'm starting to think FCF isn't the tell it used to be for judging these companies. Curious what people who actually model this stuff are watching instead these days.