Massive Alphabet AI bill detracts from strong Q2 results. Capex guidance raised for 2026. Analysts have mixed ratings on higher 2027 capex.

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's Q2 earnings report is crucial for cloud growth amid AI investments. Second-largest company by market cap on July 31 at 2.5% YES.