Live: Will Alphabet Smash Q2 Earnings Tonight After Berkshire Hathaway's Big Bet?

Alphabet’s upcoming Q2 earnings have become the focus of a “$190 billion” question about whether its AI spending cycle can translate into durable growth and margin expansion. Ahead of tonight’s report, Polymarket traders assign a 95.6% probability that Alphabet will beat earnings estimates. The key watch item is Google Cloud, where growth accelerated from 32% to 63% over the past four quarters and backlog has risen above $462 billion. Investors will look for guidance on how quickly backlog can convert into revenue, especially as Alphabet raised full-year capital expenditures to $180–$190 billion, which may weigh on near-term free cash flow. Wall Street remains broadly optimistic, with 57 buy ratings, seven holds, and an average price target of $433.51 versus a $346.06 share price.