# Investors await Alphabet’s Q2 earnings to find out if AI spending is actually working > Source: > Published: 2026-07-22 14:29:38+00:00 # Investors await Alphabet’s Q2 earnings to find out if AI spending is actually working With capex guidance raised to as much as $185 billion for 2026, the pressure is on Google's parent company to show the math adds up Alphabet is set to release its Q2 2026 financial results on July 22, after the market closes, followed by an investor call at 1:30 PM PT. ## The number everyone is watching Alphabet raised its capital expenditure guidance for 2026 to a range of $175 to $185 billion. To put that in perspective, that is nearly double what the company was spending the year prior. In its Q4 2025 report, Alphabet pointed to nearly 400% year-over-year growth in revenue from generative AI products. That gave the company enough confidence to keep the spending throttle open heading into 2026. ## What the analysts are actually looking at Beyond the headline revenue and earnings figures, there are three specific areas drawing attention for this report: Google Cloud performance, sales of the company’s proprietary TPU chips, and adoption metrics for Gemini, Alphabet’s flagship family of AI models. TPU sales are a different kind of signal. Tensor Processing Units are the custom chips Alphabet designs specifically for AI workloads. Selling them externally means the company is not just consuming AI infrastructure internally, it is becoming a supplier to the broader market. ## Alphabet versus the rest of the room In April 2026, after Alphabet’s previous earnings release, the company’s shares rose roughly 7%. Meta reported around the same time and its shares fell roughly 7%. Alphabet has Google Cloud as a more direct monetization channel for its AI buildout. Meta’s revenue model runs almost entirely through advertising, which makes the path from AI investment to financial return harder to trace. **Disclosure:** This article was edited by Editorial Team. For more information on how we create and review content, see our [Editorial Policy](https://cryptobriefing.com/editorial-policy/).