One line item in this afternoon's report will tell investors more than the headline numbers will.

Alphabet delivered revenue and operating income growth, but the market focused on surging AI-driven capital expenditures.

This key source of income accounts for a huge amount of earnings for the entire S&P 500.

Alphabet’s second-quarter free cash flow turned negative for the first time as the Google parent ramps AI spending, leaving Wall Street divided over whether the investment will pay off.

Alphabet disclosed $811B in future spending commitments at the end of June, up nearly $500B from March. It covers chips, data centres, electricity, and content.

Evercore's top internet analyst just set a bar for Alphabet's Q2 earnings that would require the company to outpace nearly ...

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Investors are focusing more on what could be the company's most important segment going forward.