Alphabet Q2 Earnings: Four key things investors should watch

Alphabet is set to report Q2 FY2026 earnings this week, with analysts projecting revenue of around USD 117 billion (nearly 20% year-on-year growth) and EPS of about USD 2.90, up from USD 2.31 a year earlier. Key focus areas for investors include the pace of AI-related capital expenditure, Google Cloud growth momentum, updates on custom Tensor Processing Units and Gemini integration, and the impact of AI on Google Search advertising. Options markets imply a post-earnings swing of about 6%, and the results are expected to set the tone for broader AI-related technology stocks globally.