Alphabet reported strong cloud momentum with 82% growth, a $514B backlog, and Gemini Enterprise adoption by nearly 90% of the Fortune 100, alongside 22B tokens per minute usage. However, free cash flow fell sharply to $4.26B amid $78B TTM capex, operating cash flow reached $84.86B, and EPS missed at $2.85 versus $2.98 expected, with net income inflated by $68B in non-operating gains. The debate centers on whether AI infrastructure spend signals durable platform shifts or erodes margins and search economics long term.

Company: Alphabet Inc. (GOOGL) — Q2 FY2026

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