Alphabet (GOOGL) H2025 Earnings Beat; H2026 Capital Expenditure Forecast Up to $18.5B Amid AI Surge

Alphabet (GOOGL) reports靓丽 Q4 results, with Google Cloud revenue up 48%, but raises its 2026 capital expenditure guidance to a range of $1,750–$1,850 billion—nearly double 2025’s $910 billion—on expanded AI infrastructure. The stock plunged as much as 7.5% in after-hours trading on Feb 4, 2026, reflecting investor balancing of AI investment and变现 pressure. Key highlights: Q4 revenue $113.83B (vs $111.43B est), adjusted EPS $2.82 (vs $2.63 est); Cloud $176.6B (vs $161.8B est), Gemini MAUs surpassed 7.5B, unit costs down 78% year-over-year. Waymo dragged results with a $36.1B loss in Other Bets, reflecting $21B in stock-based compensation for a pending $160B financing round. The company expects continued AI-driven spending to underpin growth, with cloud construction and data center expansion pacing the 2026 capital program.