Alphabet Inc., the parent company of Google, operates as a collection of businesses with Google being the largest. The company reports its operations in three segments: Google Services, Google Cloud, and Other Bets. Alphabet Inc. generates revenue primarily through advertising, consumer subscriptions, and sales of apps and devices, with Google Services accounting for the majority of its revenue . Google Cloud provides infrastructure and platform services for enterprise customers, while Other Bets includes emerging businesses like Waymo and Wing, focusing on healthcare-related and internet services .
- Google Services - Encompasses products like ads, Android, Chrome, devices, Google Maps, Google Play, Search, and YouTube, generating revenue through advertising, consumer subscriptions, and sales of apps and devices .
- Advertising - Drives significant revenue through platforms like Google Search and YouTube .
- Consumer Subscriptions - Includes services like YouTube TV and YouTube Music .
- Google Cloud - Provides infrastructure, platform services, and collaboration tools for enterprise customers, contributing to revenue through consumption-based fees and subscriptions .
- Other Bets - Comprises emerging businesses such as Waymo and Wing, generating revenue primarily from healthcare-related services and internet services .
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Anat Ashkenazi Executive | CFO and SVP of Alphabet and Google | None reported | Joined Alphabet in 2024; previously CFO at Eli Lilly; focuses on long-term investments and financial strategy. | |
Kent Walker Executive | President, Global Affairs, Chief Legal Officer, and Secretary | Executive Council at TechNet.org | Joined Google in 2006; oversees legal, compliance, and government affairs; advocates on competition and privacy issues. | |
Philipp Schindler Executive | SVP and Chief Business Officer | Scholar of the Studienstiftung des deutschen Volkes | Joined Google in 2005; oversees global sales, partnerships, and business operations. | |
Prabhakar Raghavan Executive | Chief Technologist of Google LLC | National Academy of Engineering; Fellow of ACM and IEEE | Joined Google in 2012; previously led Search and Ads; transitioned to Chief Technologist in 2024. | |
Ruth M. Porat Executive | President and Chief Investment Officer; CFO | Blackstone Inc.; Council on Foreign Relations; Memorial Sloan Kettering Cancer Center; Stanford Management Company; Bloomberg Philanthropies | Joined Alphabet in 2015 as CFO; extensive financial expertise; oversees investments and financial strategy. | |
Sundar Pichai Executive | CEO of Alphabet and Google | The Pichai Family Foundation | Joined Google in 2004; became CEO of Google in 2015 and CEO of Alphabet in 2019; led AI-focused strategy. | View Report → |
Frances H. Arnold Board | Independent Director | Illumina, Inc.; President’s Council of Advisors on Science and Technology; U.S. National Academies of Science, Medicine, and Engineering; California Institute of Technology | Nobel Prize-winning scientist; joined Alphabet's board in 2019; focuses on science and technology innovation. | |
John L. Hennessy Board | Chair of the Board of Directors | Gordon and Betty Moore Foundation; Queen Elizabeth Prize for Engineering Foundation; Chan Zuckerberg Biohub | Joined Alphabet's board in 2004; former President of Stanford University; provides strategic oversight as Chair of the Board. | |
K. Ram Shriram Board | Independent Director | Sherpalo Ventures; Yubico; Council on Foreign Relations; Stanford Health Care; Indiaspora | Early investor in Google; joined Alphabet's board in 1998; extensive experience in venture capital and technology. | |
L. John Doerr Board | Independent Director | Kleiner Perkins; DoorDash, Inc.; Climate Imperative; The Aspen Institute | Venture capitalist; joined Alphabet's board in 1999; extensive experience in technology investments. | |
Larry Page Board | Co-Founder and Director | Chair of the Executive Committee at Alphabet; The Carl Victor Page Memorial Foundation | Co-founded Google in 1998; served as CEO of Google and Alphabet; instrumental in developing Google's search engine and business model. | |
R. Martin Chávez Board | Independent Director | Sixth Street; Recursion Pharmaceuticals; Stanford Medicine Board; The Broad Institute of MIT and Harvard | Former Goldman Sachs executive; joined Alphabet's board in 2022; expertise in finance and technology. | |
Robin L. Washington Board | Independent Director | Honeywell International, Inc.; Salesforce, Inc.; Vertiv Holdings Co.; Mastercard Foundation; UCSF Benioff Children’s Hospital Oakland | Former CFO of Gilead Sciences; joined Alphabet's board in 2019; expertise in financial operations and corporate governance. | |
Roger W. Ferguson Jr. Board | Independent Director | Corning; International Flavors & Fragrances, Inc.; Smithsonian Institution; Group of Thirty | Former CEO of TIAA; joined Alphabet's board in 2016; expertise in economics and financial management. | |
Sergey Brin Board | Co-Founder and Director | The Sergey Brin Family Foundation | Co-founded Google in 1998; served as President of Google and Alphabet; contributed to Google's core technologies and innovation. |
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Google Cloud's operating margins have improved to 17% this quarter, but competitors in the industry have materially higher margins closer to 30%; what specific steps are you taking to further improve cloud margins, and how confident are you that you can match or exceed competitor margins in the future?
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Given the significant investments in AI and technical infrastructure leading to increased depreciation and expenses, how do you plan to balance these costs with the need for cost discipline and delivering profit growth, especially with anticipated headwinds in Q4 revenue due to hardware launch pull-forwards?
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With YouTube Shorts reaching over 70 billion daily views and the monetization gap with traditional in-stream content narrowing, what strategies are you implementing to further accelerate monetization of Shorts, and how significant do you expect Shorts to be in driving YouTube's overall ad revenue growth?
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As Waymo expands and serves over 150,000 paid rides weekly, can you provide more details on the financial performance and the path to profitability for Waymo, including timelines and how it will impact Alphabet's overall financials?
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With the introduction of AI-enabled search features and products powered by large language models like Gemini, how do you plan to monetize these new experiences without cannibalizing traditional search advertising revenues, and what are the potential risks and constraints to scaling these AI innovations across your vast user base?
Research analysts who have asked questions during Alphabet Inc earnings calls.
Brian Nowak
Morgan Stanley
4 questions for GOOGL
Douglas Anmuth
JPMorgan Chase & Co.
4 questions for GOOGL
Eric Sheridan
Goldman Sachs
4 questions for GOOGL
Ross Sandler
Barclays
4 questions for GOOGL
Justin Post
Bank of America Corporation
3 questions for GOOGL
Kenneth Gawrelski
Wells Fargo & Company
3 questions for GOOGL
Michael Nathanson
MoffettNathanson
3 questions for GOOGL
Mark Mahaney
Evercore ISI
2 questions for GOOGL
Mark Shmulik
Bernstein
2 questions for GOOGL
Stephen Ju
UBS
2 questions for GOOGL
Ronald Josey
Citigroup Inc.
1 question for GOOGL
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Mandiant | 2022 |
Recent press releases and 8-K filings for GOOGL.
- Apple is reportedly considering integrating Google’s Gemini AI to power its delayed Siri upgrade, targeting a 2026 launch.
- The news drove Alphabet shares up ~3% to new session highs and an all-time peak.
- Deployment would require Google to adapt Gemini for Apple’s private servers, and the deal’s economic terms remain unclear.
- This development follows Alphabet winning a $10 billion, six-year cloud contract with Meta, underscoring its enterprise momentum.
- Databricks targets a $105 B database market (TAM) and reports 80 % of new databases are now created by AI agents as it invests in its Lakehouse product.
- The company faces insane offers for AI talent, competing with Google and Meta, and emphasizes maintaining internal pay equity to reduce employee churn.
- It acquired Lakehouse technology—separating compute and storage for Postgres—for $1 B and is open to further talent- and idea-driven acquisitions.
- Through Agent Bricks, Databricks aims to lower an initial 30 % error rate in AI agents and expects meaningful enterprise impact over a five-year horizon.
- Google proposes allowing EEA app developers to direct users to external payment systems and offers via its External Offers Program update.
- Google will cut Play Store service fees from 10% to 3% and introduce a two-tier fee structure to reduce costs and shorten fee durations for developers.
- The policy adjustments aim to comply with the EU Digital Markets Act and avert potential fines up to 10% of global annual revenue, after over €8 billion in prior EU antitrust penalties.
- Google cautions these changes may expose Android users to harmful content and degrade the overall app experience.
- Worst performer among big tech during the tariff sell-off, losing 32% from its February peak to its April low.
- 45% rebound from the April low has returned shares to their February 4th highs, but Alphabet has not yet made a new all-time high, unlike peers such as Microsoft and Nvidia.
- Technical setup indicates a likely breakout above pre-sell-off highs, presenting an opportunity for investors.
- Baupost Group increased its Alphabet holding by 27% in Q2 2025, adding 556,000 shares to reach 2.63 million shares valued at $467.2 million, making it the fund’s largest position.
- The move reflects confidence in AI and cloud growth, with TipRanks rating Alphabet 'Outperform' amid robust segment revenue performance.
- Baupost also boosted Dollar General by 26.7% to 2.67 million shares, as analysts foresee a 32.65% upside to a $117.58 price target.
- New positions were initiated in Fiserv (a $154 million stake), Amcor, and PagSeguro Digital, aligning with a value investing strategy focused on beaten-down stocks.
- The negative equity risk premium persists with the S&P 500 earnings yield at 4.15% versus the 10-year Treasury at 4.38%, a gap not seen since 2001, making valuation the chief headwind; multiple expansion to 21x 2026 estimates depends on upward revisions—2026 EPS forecasts rose to $300 from $298 three months ago.
- Beyond megacaps, communications, industrials, financials and materials have outperformed, prompting Oppenheimer to raise its year-end S&P 500 target to 7,100 (from 5,950) on the expectation of broader participation.
- Speculative trading in lower-quality segments—illustrated by the ARK Innovation ETF’s 36% YTD gain—signals short-term upside but heightens risk if momentum reverses at peak valuations.
- Despite “phenomenal” Q2 results, Alphabet’s post-earnings price move was muted, suggesting built-in skepticism and potential resistance without further catalysts.
- Market leadership is driven by momentum over fundamentals, with ETFs prioritizing price trends over quality scores, underscoring elevated risk if speculative names falter.
- Alphabet added $10 billion to its 2025 CAPEX estimate, underscoring continued infrastructure investment.
- Intelligent Alpha’s AI models expect Meta to beat earnings, highlighting higher AI-related expenses and capex discussions.
- Apple is projected to meet earnings this quarter, though the stock awaits potential AI feature announcements at the September iPhone launch.
- Amazon may miss top-line estimates this quarter, despite possible margin strength, as tariffs and inflation pose risks.
- Strategist warns market trades at 2–3% premium to intrinsic values, a level historically rare, suggesting profit-taking is prudent.
- Value stocks trade at a 6% discount, while growth stocks trade at a 15% premium; small caps at 16% discount for long-term opportunities.
- Communications sector undervalued at 13% discount, led by Alphabet trading at 19% discount despite DOJ lawsuit concerns.
- Tesla seen overvalued at 26% premium, reliant on affordable model launch and robo taxis for future catalysts.
- CAPEX for 2025 set at $85 billion, a 62% increase year over year, with two-thirds allocated to compute/servers and one-third to data centers and network upgrades.
- Google Cloud backlog reached $91 billion at the end of Q1, up 44% year over year, underscoring strong enterprise AI demand.
- Similar CAPEX increases are expected from Amazon (
$100 billion) and Microsoft ($80–85 billion), while Meta’s ~$70 billion spend focuses on enhancing user experience rather than hyperscaling. - Managers should watch for backlog guidance from hyperscalers, with Meta as a notable outlier in spend rationale and ROI expectations.
- US S&P 500 and Nasdaq closed at record highs, while the Dow dipped 0.7%
- Gains fueled by progress on a US–Japan trade deal and advances in EU trade talks
- Fed is expected to hold rates next week, with a 60% chance of a September cut per CME’s FedWatch tool
- Alphabet shares rose 1% on signs that heavy investment in AI is paying off
- Tesla shares tumbled 8% after CEO warning of “few rough quarters,” leaving the stock down 25% YTD