Alphabet's Q2 2026 earnings surged on $98B in unrealized gains, but negative free cash flow of $5.9B and massive AI capex raise questions for

Alphabet increases AI infrastructure spending to $190B for 2026. Alphabet as second-largest company by market cap on July 31 at 4.5% YES.

Alphabet reports Q2 2026 earnings July 22, with investors focused on $175-185B capex guidance and AI revenue growth from Gemini and Google Cloud.