Following a 38% jump in Alphabet shares in the third quarter, Wall Street will be paying close attention to the company's comments on its AI strategy.

Following a 38% jump in Alphabet shares in the third quarter, Wall Street will be paying close attention to the company's comments on its AI strategy.

Alphabet is set to report third-quarter earnings after the bell Wednesday.

Strong demand for ads and cloud services powered tech giant’s growth as it makes multibillion-dollar AI investment

Alphabet is planning a "significant increase" in spend next year as it continues to invest in AI infrastructure to meet the demand of its customer backlog.

The company earned an adjusted $3.10 per share on revenue of $102.35 billion.

The strong quarter and a boost in capital spending impressed analysts and solidified Alphabet's position as an AI leader.