- Price
- $344.08 → $347.68(+1.0%)
- Discount
- 20.5% → 19.7%(−0.8 pts)
- Risks
- Google Cloud's growth depends on continued heavy AI spending by Alphabet and by its customers. If AI infrastructure spending slows, Cloud growth can slow with it.
AI chatbots and AI-generated answers could reduce the number of clicks on search ads over time. This effect is hard to measure today, since search ad revenue is still growing.
The September 2026 ad tech ruling requires Google to change how its ad exchange and ad server work, such as sharing bid data with rivals. Compliance costs, or a later appeal that reopens the remedy question, add uncertainty to advertising revenue.
In September 2026, a US judge ruled in the ad tech antitrust case that Google must change its ad auction rules but does not have to sell its ad exchange or ad server. Either side can still appeal, and Alphabet faces separate antitrust matters in the EU. Private publisher lawsuits also continue: in September 2026, a judge let publishers seek more than $3.2 billion in damages over AdX.
- Recent events
- 2026-10-06: Google and Constellation Energy signed a 20-year agreement for 890 megawatts of new nuclear capacity on the PJM grid, from uprates at existing plants. The first uprate is due by 2028. A separate 15-year agreement covers 2,700 megawatts of existing Constellation generation. Constellation also chose Google Cloud and Gemini Enterprise for grid operations.
2026-09-30: A federal judge in New York ruled that a class of about 5,000 publishers, USA Today and Daily Mail can seek more than $3.2 billion in damages from Google over its AdX ad exchange. The judge dismissed some other publisher claims. Google said it will defend the rest in court. The judge has not set a trial date.
2026-09-02: A US judge ruled that Google does not have to sell its AdX ad exchange or its DFP ad server. Google must instead follow new rules for ad auctions, such as sharing real-time bid data with rival ad servers and dropping its "first look" and "last look" bid advantages.
2026-07-22: Alphabet reported Q2 2026 results. Revenue grew 24% to $119.8 billion. Google Cloud revenue grew 82% to $24.8 billion.
2025-09-02: A US court ruled on remedies in Google's search antitrust case. Google keeps Chrome and Android. Google must end exclusive default-search deals and share some search data with rivals.