In python, integers conceptually have a semi-infinite number of bits, so for example if
>>> bin(37)
'0b100101'
the integer 37 is represented by the infinite sequence
...000000100101
. It means that the two's complement
~37
is a sequence starting with an infinite number of 1's, but of course it is not stored this way. Instead, it is stored as the negative number
-38
. For every integer, one has
assert ~x == -(x+1)
So you don't see the infinite sequence, but with regards to bitwise operations, you need to consider negative integers as a sequence of bits starting with an infinite number of 1s.
For example the sequence of bits of -23762 is the two's complement of the bits of 23761. You can confirm this by using a 32 bits mask for example
>>> mask = (1 << 32) - 1
>>> bin(mask)
'0b11111111111111111111111111111111'
>>> bin(23761)
'0b101110011010001'
>>> bin(-23762 & mask)
'0b11111111111111111010001100101110'