Alphabet is trading near $377 after gaining almost 5% in the previous session, supported by a wider rally across US equities. The Nasdaq advanced as strong corporate earnings, improving manufacturing activity and lower oil prices reinforced demand for technology shares.
Optimism surrounding a possible US-Iran agreement has reduced immediate concerns about energy-driven inflation, although the reported attack on a vessel near the Strait of Hormuz shows that geopolitical risks have not disappeared.
Cloud growth changes investor perception
Alphabet’s second-quarter revenue increased 24% year over year to $119.8 billion. Google Cloud revenue surged 82% to $24.8 billion, while its operating income more than tripled to $8.8 billion. Nearly 90% of Fortune 100 companies now use Gemini Enterprise, and Gemini models process approximately 22 billion API tokens per minute. These figures provide stronger evidence that Alphabet is converting AI infrastructure spending into commercial growth. Alphabet Q2 results
Search and advertising remain resilient
Google Search revenue rose 17% to $63.3 billion, while YouTube advertising increased 13% to $11.1 billion. This performance suggests that AI-generated answers have not undermined Alphabet’s core advertising business. Instead, management says AI features are increasing search engagement and query volumes. Gemini’s consumer application has also reached 950 million monthly active users, strengthening Alphabet’s position against competing AI platforms.
Spending remains central risk
The stronger operational performance does not eliminate concerns surrounding the company’s investment program. Quarterly capital expenditure reached $44.9 billion, contributing to negative free cash flow of $5.9 billion. Alphabet has also raised its 2026 capital-spending outlook to $195–205 billion as it expands data centers and computing capacity. Investors are currently willing to tolerate these costs because Cloud growth is accelerating, but weaker demand or slower monetization could quickly revive pressure on the valuation.
Breakout targets $380–390
The hourly chart shows a strong recovery from the $318–320 area and a decisive move above the major moving averages. Immediate resistance is located at $378–380. A sustained break would open the way toward $385–390, followed by the psychologically important $400 level. Initial support is found at $370–368, while a deeper pullback could test $360–355. Holding above the latter zone would preserve the improved technical structure, although the speed of the recent advance, as I warned in Alphabet rallies as AI momentum and cloud growth reignite bullish sentiment, increases the probability of short-term profit-taking.
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