Waiting for Google’s earnings report tonight, but honestly, whether the EPS beats by one or two cents doesn’t interest me much.

The one issue worth watching on it now is: after pouring so much money into AI, have they started to see returns?
Reuters mentioned that Gemini 3.5 Pro was originally planned to launch in June but has been delayed; on the other side, Alphabet has also pulled its 2026 capital expenditures up to $180 billion–$190 billion.
That’s not a small number on anyone.
The good news is Google isn’t purely burning cash. In the prior quarter, Cloud growth was up 63%; and its annualized revenue run-rate in last year’s Q4 already exceeded $70 billion, with backlog also building to $240 billion.
So when looking at Google now, you can’t just compare it with OpenAI on the model.
It also has search, ads, Cloud, TPU, and enterprise customers. If the AI actually gets built properly, the money can be recouped from several places.
The trouble is: once the model pace slows down, data centers, power, and depreciation won’t wait with you.
Tonight, I’m mainly watching whether Cloud can keep running, whether CapEx will be pushed higher again, and how management explains the Gemini delay.
If the revenue side keeps up, I’ll keep viewing it as a core AI asset; if the money keeps getting spent more aggressively and the realization slows down instead, I’d rather sit on the sidelines for a bit first.
After being a retail investor for so many years, I still have that kind of patience.
#GOOG #Gemini