Alphabet's third-quarter 2026 results, released October 28, drove recent price action, with revenue rising 25% year-over-year to $127.6 billion while missing consensus by a modest margin. Google Cloud revenue more than doubled to $30.7 billion and delivered a 36.2% operating margin, supported by AI infrastructure demand and TPU system sales, yet search revenue growth slowed to 12% and free cash flow turned negative $9.1 billion after $51.4 billion in capital expenditures. The stock fell sharply post-earnings before recovering to close near $298.70 on November 12 amid ongoing focus on 2027 capex plans. Traders are weighing Cloud momentum against elevated AI spending and softer core advertising trends as the week concludes.