Here are some key analyst takeaways:Check out other analyst stock ratings.Alphabet Analysts Say…DA Davidson: Alphabet’s total revenue grew 23% year-on-year to $119.8 billion in constant currency terms, Luria said in a note. The company delivered "another strong quarter," with Google cloud revenue of $25 billion, he added.Google cloud revenue growth accelerated to 82% year-on-year from the previous quarter’s 63%, driven by a surge in core cloud growth as well as ramping TPU system sales delivered to customer data centers for the first time in the quarter, the analyst stated. "While growth trends were encouraging, capex commentary suggests higher spend for longer," he further wrote. JPMorgan: Results continued to show returns on Alphabet AI spend. Anmuth cited 82% cloud revenue growth and 17% Search growth. Google also recognized revenue from TPU sales for the first time in Q2, surpassing $1 billion, he added.Management raised their capex spending guidance for 2026, from $180-$190 billion to $195-$205 billion, the analyst stated. "Despite efforts to ramp capacity faster, the environment remains supply constrained" and Google is relying on third-party capacity to bridge this gap as it grows its customer base, which could exert pressure on margins in the near term, he further wrote.Guggenheim Securities: Alphabet delivered strong quarterly results across all key segments, Morris said. He added, however, that management raised its 2026 capex guidance by more than $10 billion at the midpoint.Management again reiterated expectations of a "significant increase" in capex in 2027, the analyst stated. He expects Alphabet’s capex to reach nearly $350 billion in 2027, versus Street estimates of $265 billion.Needham: Alphabet’s reported solid results, with revenues of $119.8 billion and non-GAAP earnings of $2.85 per share, Martin said. She added that the stock could remain under pressure, despite these strong results, due to: