Global AI Trend Tracker: Alphabet’s 2Q26 results read-through Quick Note

研报英文原文证据摘录

Global AI Trend Tracker: Alphabet’s 2Q26 results read-through Quick Note

Global Markets Research

23 July 2026Global AI Trend Tracker

EQUITY: TECHNOLOGY

Alphabet’s 2Q26 results read-through Research Analysts

China Technology

Bing Duan - NIHKQuick Note bing.duan1@nomura.com

+852 2252 2141Alphabet (GOOG US, Not rated) reported its June quarter earnings on 22 July after US

market close, following which management hosted an earnings call at 1:30pm PT. During Joel Ying, CFA - NIHK

the call, management discussed the company’s AI cloud business performance, its joel.ying@nomura.com

progress on monetizing AI chips and AI products, as well as outlook for FY26E. The +852 2252 2153

company recorded strong capex of USD44.9bn (+100.1% y-y) in 2Q26, and

management raised FY26E capex guidance to USD195-205bn (from USD180-190bn,

with the midpoint of USD200bn indicating +118.7% y-y growth). Given Google’s

continuous robust investment in AI infrastructure in 2026 and 2027, we believe Google

supply chain companies, which in our view include optical transceiver players such as

Innolight (300308 CH, Buy) and PCB companies such as WUS PCB (002463 CH, Buy,

covered by Anne Lee) and Victory Giant (300476 CH / 2476 HK, Buy), are well

positioned to benefit from the sequential tech upgrades and infra spending in the next few

quarters.

Top-line growth beats consensus estimates in 2Q26; strong uptick in Google Cloud

with 81.8% y-y revenue growth

• Alphabet reported 24.2% y-y (+9.0% q-q) revenue growth in 2Q26, beating the

Bloomberg consensus estimate by 2.4%, while it recorded net profit growth of

297.6% y-y, due partially to net unrealized gains on equity securities.

• The company booked Google Cloud revenue growth of 81.8% y-y (23.7% q-q) to