Investors will be looking for more signs of AI monetization when Alphabet reports its earnings on Wednesday. The Wall Street consensus anticipates 63% growth in Google Cloud, offering a prime read on the status of the artificial‑intelligence boom.

Alphabet has built a reputation for full‑stack AI solutions, but its AI ambitions haven’t been cheap, with a record‑breaking $85 billion equity raise in June. The company must show that its AI is being adopted at scale at the enterprise level, not just on individual desktops.

Analysts project Alphabet will report $117 billion in revenue and $2.87 EPS for Q2, with total capital expenditures for 2026 expected between $180‑190B. Second‑quarter capex is estimated at $45B, though upside surprises are possible.

Cloud growth remains a key metric. Following impressive Q1 expansion, consensus calls for another 63% year‑over‑yearمش. Analysts see potential for 70% growth as Google accelerates capacity expansion, while rumors about Gemini delays and a new “Frozen v2” chip add to the conversation.