The Index › AI compute › Whose business is AI itself?

Alphabet

GOOG

Alphabet, Google's parent, earns most of its money from search and YouTube advertising, sells cloud computing services, and funds artificial intelligence research. We follow it because its business sits among the companies whose business is AI itself.

Revised after a check against the company's own annual filing. · entry updated 2026-10-19

Ticker: GOOG
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Last refreshed from 10-Q filed 23 Jul 2026 (EDGAR)

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The living report

Bears on our standing view that spending on the AI build is running ahead of its revenue. It is proved wrong if cloud revenue keeps pace with contracted backlog through the next two rounds of reports, and no other big buyer starts renting out spare capacity.

last revised 19 Oct 2026 · next scheduled disclosure not yet announced

The full report

Members: queues this company for a report on a coming night.

The market record

Free during the preview. Each figure shows only where two independent data providers, Massive and Yahoo, agree on it to the cent; a figure they do not agree on is left out. Dated, not live. It describes; it does not recommend.

Last close$283.93
close of 6 Nov 2026 · Massive and Yahoo agree

The day's range$283.00 – $289.22
6 Nov 2026 · both providers agree

52-week range$271.41 – $404.47
intraday low 14 Nov 2025 · intraday high 18 May 2026 · 251 sessions to 6 Nov 2026 · both providers agree

Filings

Newest first, from EDGAR. Where a piece read a filing, one line of what it said.

5 Nov 20268-K · period ending 5 Nov 2026

29 Oct 202610-Q · period ending 30 Sep 2026

28 Oct 20268-K · period ending 28 Oct 2026

10 Aug 20268-K · period ending 10 Aug 2026

23 Jul 202610-Q · period ending 30 Jun 2026
Its quarterly filing for the period ended 30 June 2026 reported $519.5 billion of revenue backlog, $513.9 billion of it related to Google Cloud. the piece

22 Jul 20268-K · period ending 22 Jul 2026
Alphabet reported second-quarter results and held its call on July 22, and filed its quarterly report for the period. the piece

11 Jun 20268-K · period ending 5 Jun 2026

5 Jun 20268-K · period ending 2 Jun 2026

5 Jun 20268-K · period ending 5 Jun 2026

4 Jun 20268-K · period ending 4 Jun 2026

21 May 20268-K · period ending 21 May 2026

11 May 20268-K · period ending 11 May 2026

30 Apr 202610-Q · period ending 31 Mar 2026

29 Apr 20268-K · period ending 29 Apr 2026

10 Apr 20268-K · period ending 7 Apr 2026

2 Apr 20268-K · period ending 30 Mar 2026

6 Mar 20268-K · period ending 4 Mar 2026

13 Feb 20268-K · period ending 13 Feb 2026

5 Feb 202610-K · period ending 31 Dec 2025

4 Feb 20268-K · period ending 4 Feb 2026

6 Nov 20258-K · period ending 6 Nov 2025

30 Oct 202510-Q · period ending 30 Sep 2025

29 Oct 20258-K · period ending 29 Oct 2025

5 Sep 20258-K · period ending 5 Sep 2025

3 Sep 20258-K · period ending 2 Sep 2025

24 Jul 202510-Q · period ending 30 Jun 2025

23 Jul 20258-K · period ending 23 Jul 2025

18 Jul 20258-K · period ending 8 Jul 2025

12 Jun 20258-K · period ending 6 Jun 2025

6 May 20258-K · period ending 6 May 2025

1 May 20258-K · period ending 1 May 2025

25 Apr 202510-Q · period ending 31 Mar 2025

24 Apr 20258-K · period ending 23 Apr 2025

18 Apr 20258-K · period ending 17 Apr 2025

18 Mar 20258-K · period ending 18 Mar 2025

5 Feb 202510-K · period ending 31 Dec 2024

4 Feb 20258-K · period ending 4 Feb 2025

Where it sits in the frame

AI compute is now two businesses

AI compute has split into a rented market and a government-funded one.

Tested by

Spending on the AI build is running ahead of its revenue OPEN

Reports next

not yet announced

Latest disclosed

10-Q · filed 2026-07-23 · period ending 2026-06-30

Read the filing

Machine-readable

/index/GOOG.json

What it has disclosed

Newest first. Every figure traces to a filing; "Show sources" shows which.

28 Oct 2026Alphabet Q3 revenues up 25%: 25% (year-over-year revenue growth)

28 Oct 2026Alphabet Q3 purchases of property and equipment ($51,355 million): $51.4 billion ($24.0 billion a year earlier)

28 Oct 2026Alphabet prior-year purchases of property and equipment ($23,953 million): $24.0 billion (vs $51.4 billion in the quarter)

28 Oct 2026Alphabet table row: Google Cloud up 103%: 103% (year-over-year growth)

28 Oct 2026Alphabet Q3 free cash flow of negative $9.1 billion ($(9,065) million): $9.1 billion

28 Oct 2026Case for: Alphabet free cash flow for the quarter: negative $9.1 billion

28 Oct 2026Alphabet other income (expense), net, a net expense: $8,221 million ($12,759 million a year earlier)

28 Oct 2026Alphabet prior-year other income (expense), net: $12,759 million (vs $(8,221) million in the quarter)

22 Oct 2026Alphabet 2026 capex guidance from the Q1 2026 call: $180–190bn

30 Jun 2026Alphabet H1 2026 capital expenditure: $80.6B

30 Jun 2026Alphabet Q2 2026 capital expenditure: $44.9B

30 Jun 2026Alphabet Q2 2026 free cash flow (negative): $5.9B

30 Jun 2026Alphabet trailing-twelve-month free cash flow: $53.3B (trailing-twelve-month free cash flow)

30 Jun 2026Alphabet Q2 2026 purchases of property and equipment: $44.9bn

30 Jun 2026Average H2 2026 spend needed to hold the Alphabet range (brief: roughly $50 billion a quarter): about $50bn a quarter (vs $44.9bn in Q2)

30 Jun 2026Alphabet remaining performance obligations (revenue backlog): $519.5 billion

30 Jun 2026Alphabet backlog related to Google Cloud: $513.9 billion (portion of $519.5 billion)

30 Jun 2026Alphabet purchases of property and equipment, six months to June 2026: $80,598 million

30 Jun 2026Alphabet 10-Q period end: 30 June 2026

30 Jun 2025Alphabet purchases of property and equipment, Q2 2025: $22.4bn (vs a year earlier)

Mentioned in

Every piece that names this company, newest first: what it said, and the standing view it bore on. Written when the piece is committed; never edited, never removed.

31 Oct 2026Technology's bad week fell on the spenders, not the builders
Bears on our standing view that spending on the AI build is running ahead of its revenue.

25 Oct 2026Is Google Cloud revenue keeping pace with its backlog, and which spending range is really Alphabet's?
Bears on our standing view that spending on the AI build is running ahead of its revenue.

22 Oct 2026Can the last week of October confirm the frame, or only break it?
Bears on our standing view that the Fed under Warsh keeps raising rates into this inflation.

21 Oct 2026Backlog and capital spending are two measures, not yet two businesses
Bears on our standing view that spending on the AI build is running ahead of its revenue.

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This entry

19 Oct 2026Entry rewritten in plain words: what the company sells, and why we follow it.

12 Oct 2026Verified against the 10-Q filed 2026-07-23 at launch.

Prices on this page are dated market records, shown free during the preview, each confirmed by two independent data providers. None is a recommendation.

Record

Written according to the Grant Bishop standard — machine-researched, machine-checked, human-judged; then read and committed by the publisher. Every number traces to a filing or a dated market record; every claim carries a date and what would prove it wrong.

Verification: multi-source verified, machine-drafted, human-gated
As of: 2026-07-23
Bears on: Spending on the AI build is running ahead of its revenue
Position disclosure: The publisher holds index-level U.S. equity exposure and no direct position in any single name discussed.
Not advice: General commentary for a general audience. Not advice for your situation.

Sources (12)

18-K, filed 5 Nov 2026, SEC EDGAR — https://www.sec.gov/Archives/edgar/data/1652044/000119312526449835/d174184d8k.htm

210-Q, filed 29 Oct 2026, SEC EDGAR — https://www.sec.gov/Archives/edgar/data/1652044/000165204426000084/goog-20260930.htm

38-K, filed 28 Oct 2026, SEC EDGAR — https://www.sec.gov/Archives/edgar/data/1652044/000165204426000080/goog-20261028.htm

48-K, filed 10 Aug 2026, SEC EDGAR — https://www.sec.gov/Archives/edgar/data/1652044/000119312526342390/d171253d8k.htm

510-Q, filed 23 Jul 2026, SEC EDGAR — https://www.sec.gov/Archives/edgar/data/1652044/000165204426000071/goog-20260630.htm

68-K, filed 22 Jul 2026, SEC EDGAR — https://www.sec.gov/Archives/edgar/data/1652044/000165204426000066/goog-20260722.htm

78-K, filed 11 Jun 2026, SEC EDGAR — https://www.sec.gov/Archives/edgar/data/1652044/000119312526267578/d57679d8k.htm

88-K, filed 5 Jun 2026, SEC EDGAR — https://www.sec.gov/Archives/edgar/data/1652044/000165204426000059/goog-20260602.htm

98-K, filed 5 Jun 2026, SEC EDGAR — https://www.sec.gov/Archives/edgar/data/1652044/000119312526259830/d36818d8k.htm

108-K, filed 4 Jun 2026, SEC EDGAR — https://www.sec.gov/Archives/edgar/data/1652044/000119312526257724/d83560d8k.htm

118-K, filed 21 May 2026, SEC EDGAR — https://www.sec.gov/Archives/edgar/data/1652044/000119312526234488/d144566d8k.htm

128-K, filed 11 May 2026, SEC EDGAR — https://www.sec.gov/Archives/edgar/data/1652044/000119312526216986/d109021d8k.htm

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