As AI spending soars, investors expect Alphabet's earnings report to show strong growth in its cloud computing business, thereby proving that the company's investment is bringing clear returns. After surging 65% in 2025, Alphabet's stock price has only risen by a relatively modest 11% so far in 2026, as investors are increasingly concerned about the amount of money big tech companies are investing to build artificial intelligence capabilities. As the main beneficiaries of this round of huge spending, chipmakers have seen a sharp rise in stock prices, while the “Big Seven Tech Stock Companies” that provide most of the capital have hardly moved.

As AI spending soars, investors expect Alphabet's earnings report to show strong growth in its cloud computing business, thereby proving that the company's investment is bringing clear returns. After surging 65% in 2025, Alphabet's stock price has only risen by a relatively modest 11% so far in 2026, as investors are increasingly concerned about the amount of money big tech companies are investing to build artificial intelligence capabilities. As the main beneficiaries of this round of huge spending, chipmakers have seen a sharp rise in stock prices, while the “Big Seven Tech Stock Companies” that provide most of the capital have hardly moved.