Alphabet's shares trade near $351 as of mid-October 2026, reflecting a 45% one-year gain but remaining well below the $408 peak amid heavy AI-related capital spending. Google Cloud revenue surged 82% year-over-year to $24.8 billion in Q2, with operating margins expanding to 35.6% and a $514 billion backlog signaling sustained enterprise demand for AI infrastructure. Consolidated revenue reached $119.8 billion, up 24%, though elevated full-year capex guidance of $195–205 billion has weighed on free cash flow. Traders are focused on the October 28 Q3 earnings release, which could clarify whether accelerating cloud adoption and Search advertising growth offset margin pressure from AI investments and support further price appreciation before month-end resolution.