Alphabet

GPUs buy silicon; returns hinge on utilization. Collectives, HBM, schedulers, power/thermal, and inference batching decide effective output from hundred-billion AI CapEx. Hub NVIDIA; complements AVGO/ANET; constraints TSM/MU; physical layer VRT. See CPU industry.

Alphabet Q2 2026 revenue $119.8B (+24%), Google Cloud $24.8B (+82%); 2026 Capex outlook up to ~$205B. GAAP EPS $9.11 includes ~$99B unrealized equity gains (incl. SpaceX)—do not extrapolate linearly.