$Alphabet(GOOGL.US) $Alphabet - C(GOOG.US) delivered a solid Q2 print. Cloud revenue growth and a still-healthy expansion in backlog are key proof that AI spend is being put to work.

Below is Dolphin Research's transcript of Alphabet's 2Q26 earnings call; for our commentary, cf. 'Alphabet: Is AI about to crack? The savior arrives'.

Key financial highlights: 1) Shareholder returns: the BOD raised the quarterly dividend by 5%.

2) Guidance: full-year CapEx guidance was lifted to $195-205bn (vs. $180-190bn prior)...

Amid recent shifts in the AI narrative and weakening conviction among industry investors, GOOGL—as the first major AI buyer to report earnings—has drawn intense scrutiny. Investors are particularly focused on Capex, Cloud backlog, and cash flow trends.

In Dolphin Research's earlier piece 'AMZN's AI Misfire: Can It Mount a Comeback?', we examined AWS's AI buildout from several angles.

Full-stack AI bellwether $Alphabet(GOOGL.US) has seen some recent softness in its share price.

Over the past year, Google raised over $85bn via bond offerings across six markets. This new raise is the largest single round to date.

As for use of proceeds, management outlined a broad plan. The 80bn will mainly go to scaling AI infrastructure, concurrently buying call options to partially hedge future dilution from convertible preferreds, and covering taxes due when employee options vest...

Below is Dolphin Research's Trans of the FY26 Q1 earnings call for $Alphabet(GOOGL.US) $Alphabet - C(GOOG.US).

$Alphabet(GOOGL.US) Q1 blew past expectations again. With 40% of incremental revenue already driven by AI‑related cloud, it may be time to shed the ad label and call it an AI company.

Is North America's power shortage a near- to mid-term supply-demand mismatch? Or a long-term structural issue?

Below is Dolphin Research's Trans of $Alphabet(GOOGL.US) FY25 Q4 earnings call.

After hours on Feb 5 ET, $Alphabet(GOOGL.US) reported Q4 2025 results. The quarter was mixed, but overall skewed positive. What spooked the market was the staggering capex outlook — spend is set to double in 2026, raising concern over whether demand can keep up.

Key detail: 1) Capex. 2026 guidance is $175–185bn, roughly 2x YoY, vs. prior Street est. of ~$130bn. And this comes when many already thought Meta’s capex was hefty.