AI TRENDS | Alphabet's Q2 Earnings Expected to Show 23.8% EPS Growth as Google Cloud and AI Spending Come Into Focus

Alphabet’s July 22, 2026 earnings call is expected to draw investor attention to Google Cloud performance and the company’s AI-related capital expenditure plans. According to NS3.AI, the call will put a reported $190 billion in AI capital expenditure in focus. Wall Street expects Alphabet to report Q2 earnings per share of $2.86, which would represent a 23.8% increase year over year.