Company Reports

Alphabet unveiled Gemini 4 Argon, a frontier large language model that leads or ties competing models by OpenAI and Anthropic across a variety of industry benchmarks. Gemini 4's rollout will begin with vetted cyber defenders before all users get access. Alphabet shares rose after hours on Sept. 30.

Alphabet reported strong second-quarter earnings, with the firm's sales growing 24% to $120 billion and its operating margins expanding 2 points to 34%. Google Cloud grew by 82% to $25 billion, with margins for the cloud segment also increasing by 15 points to 36%.

Moonshot AI launched Kimi K3, a 2.8 trillion-parameter open-weight model that, according to benchmarks, is almost as performant as Anthropic's Fable 5 while being cheaper. This launch is putting downward pressure on artificial intelligence companies across hardware and infrastructure.

Alphabet shares slid more than 5% over the last week after two senior artificial intelligence researchers, John Jumper and Noam Shazeer, decided to leave the company to join Anthropic and OpenAI, respectively.

On June 1, Alphabet announced equity offerings totaling $80 billion. The offerings are split between $30 billion in public issuance, with $15 billion in convertible preferred stock, a $40 billion program to mostly fund employee equity taxes, and a $10 billion private placement to Berkshire Hathaway.

We view Alphabet as a conglomerate of stellar businesses. With solutions ranging from advertising to cloud computing and self-driving cars, Alphabet has built itself into a true behemoth, generating tens of billions of dollars in free cash flow annually. While antitrust concerns around Alphabet’s core search business have made headlines, we retain our confidence in Alphabet’s overall strength and foresee the firm remaining at the forefront of a variety of verticals, including search, artificial intelligence, video, and cloud computing.

Alphabet began 2026 with a very strong set of financial results. The firm's sales grew 22% to $110 billion, with Google Cloud up 63% to $20 billion. The firm's operating margins expanded 220 basis points, with services and cloud operating margins both expanding year over year.

We view Alphabet as a conglomerate of stellar businesses. With solutions ranging from advertising to cloud computing and self-driving cars, Alphabet has built itself into a true behemoth, generating tens of billions of dollars in free cash flow annually. While antitrust concerns around Alphabet’s core search business have made headlines, we retain our confidence in Alphabet’s overall strength and foresee the firm remaining at the forefront of a variety of verticals, including search, artificial intelligence, video, and cloud computing.

Alphabet reported strong fourth-quarter earnings, with sales up 18% to $113 billion and adjusted operating margins down 50 basis points to 31.6%. Google Cloud continues to be the star of the show, accelerating both sequentially and year over year to 48% growth.

Adweek reported that Alphabet has indicated to advertisers that the firm is working on rolling out ads on Gemini, its AI chatbot, in 2026. Alphabet's shares sold off more than 2% as investors question the product impact of ads and whether ads could negatively affect Gemini's strong momentum.

Alphabet's recently launched Gemini 3 model and rumored TPU deal with Meta, which would potentially include TPUs being placed in Meta's data centers, have sent shares of the firm higher in the last week as the market repositions Alphabet as a standout artificial intelligence leader.

Alphabet reported solid third-quarter earnings with sales growing 16% to $102 billion and adjusted operating margins expanding 160 basis points to 34%. Google Cloud continues to fire on all cylinders, accelerating sequentially to 34% growth in the quarter, constituting 15% of total sales.

We view Alphabet as a conglomerate of stellar businesses. With solutions ranging from advertising to cloud computing and self-driving cars, Alphabet has built itself into a true technology behemoth, generating tens of billions of dollars in free cash flow annually. While antitrust concerns around Alphabet’s core search business have made headlines, we retain our confidence in Alphabet’s overall strength and foresee the firm remaining at the forefront of a variety of verticals, including search, artificial intelligence, video, and cloud computing.

Anthropic announced a material expansion of its use of Alphabet’s AI accelerators. The deal, worth tens of billions of dollars, includes the use of Alphabet’s tensor processing units as well as traditional Google Cloud services, with more than 1 gigawatt of power coming online in 2026.

We view Alphabet as a conglomerate of stellar businesses. With solutions ranging from advertising to cloud computing and self-driving cars, Alphabet has built itself into a true technology behemoth, generating tens of billions of dollars in free cash flow annually. While antitrust concerns around Alphabet’s core search business have made headlines, we retain our confidence in Alphabet’s overall strength and foresee the firm remaining at the forefront of a variety of verticals, including search, artificial intelligence, video, and cloud computing.

On Sept. 2, a federal judge published his proposed remedies in the Google Search antitrust case. Alphabet won't be required to divest Chrome or Android. The company will not be allowed to have exclusive search agreements and will need to engage in modest data sharing with competitors.

On Aug. 21, researchers at Google published a technical paper that delineates the energy cost profile of a median Gemini text prompt. The headline number, 0.24 watt-hours (Wh) of energy consumption is materially lower than many commonly cited estimates.

Alphabet reported solid second-quarter earnings that included sales of $96 billion, up 14%, and operating margins of 32%, flat year over year. Google Cloud continued to increase its contributions to the top line, expanding by 32%, as AI-driven demand for cloud infrastructure remained solid.

On May 7, Apple's senior vice president of services, Eddy Cue, testified in the Department of Justice's lawsuit against Alphabet that Apple was considering a Safari revamp which would include an end to its long-term Google Search partnership. Also, he noted April Safari search queries were down.

Alphabet kicked off 2025 with a set of solid results, with the firm's sales and operating margins growing 12% and 230 basis points year over year, respectively. Google Cloud continues to be the firm's growth engine, growing 28% year over year.