Alphabet (GOOGL)

Outperform Recap: Q1 2026

Cloud Reaccelerates to +63%, Backlog Doubles QoQ to $462B — The Demand-Visibility Print That Earns the Capex Raise

Outperform Flashcap: Q1 2026

Cloud Re-Accelerates to +63%, Search Hits +19% on AI Mode, Operating Margin Expands Despite a $35.7B Capex Quarter — and the 2026 Bill Just Went Up Again

Outperform Recap: Q4 2025

Cloud at 30% Margin, Apple Picks Gemini, and Capex Doubles Again — A Generational Print With a Generational Bill

Outperform Recap: Q3 2025

First $100B Quarter, $155B Cloud Backlog, and Anthropic Buys a Million TPUs — The Bear Case Has Run Out of Data

Outperform Recap: Q2 2025

Cloud Demand Hardens, Capex Ratchets Higher — and the 2026 Spend Is Already a Tell

Outperform Recap: Q1 2025

Cloud Margins Double, AI Overviews Monetize at Parity, and the Bear Case Loses Its Best Argument — For Now