Alphabet Reports Q2 Results After the Bell Today. The Number That Decides the Stock Isn't Revenue or Earnings -- It's Capex.

Alphabet reports Q2 earnings after market close, with capital expenditures being the key metric investors should watch rather than revenue or earnings. The company raised 2026 capex guidance to $180-190 billion in April, requiring spending to accelerate significantly from Q1's $35.7 billion. The critical question is whether AI infrastructure spending translates into proportional growth, particularly in Google Cloud which grew 63% YoY with a $460 billion backlog. Stock reaction will depend on whether capex guidance holds steady while cloud growth continues, or if another guidance raise without matching growth signals rising AI costs.