Alphabet Inc Class A (GOOGL · NASDAQ)

Alphabet's June quarter showed revenue of $119.80B, up from $109.90B the prior quarter, with net income of $112.19B driving a 294.0% YoY earnings increase and a fourth consecutive earnings beat ($9.11 vs. $2.88 estimated). Capex of $44.92B exceeded operating cash flow of $39.07B, leaving quarterly free cash flow at -$5.86B, though leverage remains modest at 0.7x debt/EBITDA. The stock has pulled back recently—down 2.5% on the day and 3.1% over five weeks' worth of trading—yet sits 7.3% higher over three months and trades at a 17.52 P/E against a $4.17T market cap. CIO Ruth Porat publicly pushed back on Jefferies' warning that AI spending could bring U.S. capital destruction, affirming Alphabet's intent to invest substantially.