Alphabet：资本支出增加并未削弱云业务加速增长，维持买入评级

Capex increase steals the spotlight fromstrong Cloud acceleration; Buy Reiterate Rating: BUY | PO: 430.00 USD | Price: 342.09 USD 23 July 2026 2Q beat driven by Cloud upside; Search largely in-line2Q Net Rev at $103.6bn beat Street at $101.1bn, driven by upside in Cloud, accelerating to 82% growth vs 65% expected. Search grew 17% y/y, and was just in line, tabling theN.T. AI upside thesis. 2Q OM at 39.3% was below Street at 40.3% impacted by higherG&A (expect some details in the 10-Q). However, Cloud margins 35.6% vs Street 31.3%,suggesting strong infrastructure returns, and limited mgn. impact from new TPU sales.2Q EPS of $9.11 was above Street at $2.90 & benefited from 1x higher Other Income. Equity Higher capexbut ROI case strengthened by Cloud accel.To meet capacity demand, Google is accelerating capacity deployment andincreased its FY26 capex guide by $15bn (~8%) to $195bn-$205bn. While the increase drove anegative AH stock reaction, we note several data points that suggest capacity drivingstrong returns, including: Strong $50bn 2Q q/q backlog growth to $514bn, well abovethe $15bn’26 capex increase, customer consumption exceeding commitments by >50%vs 45% in 1Q, GC is winning new customers at >2x the pace vs last year, and cloudmargins were up 270bps q/q and almost 15pts y/y. More capacity = more sales. Justin PostResearch AnalystBofAS+1 415 676 3547justin.post@bofa.com Raising 2027 net revenue by 3% and EPS by 2%Weraise revs. to reflect higher Cloud, YouTube and Network growth offset by slightly lower Search & Sub. revs. We est 93% Cloud growth in 3Q. However, we also raise Costof Revenue reflecting higher infrastructure costs & raise share count. For 3Q we raiserevenue by 3% and EPS by 1% to $3.07 from $3.03. For 2027, we raise net revenue by3% to $553bn and EPS by 2% to $15.01. Maintain our PO of $430 based on a higher’27EPS &slightly lower 27x P/E multiple (vs 28x) given capex concerns for the sector. Nitin Bansal, CFAResearch AnalystBofAS+1 415 676 3551nbansal7@bofa.com Another strong Qtr validates AI differentiation; Buy Asolid Q that validates that 1) Search usage and monetization remains robust despitecompetiting AI engagement growth, 2) Gemini & TPUs remain competitive advantages,supporting Cloud margin growth & continued share gains, & 3) Incremental capex isdirectly accelerating growth. At the $332 AH price, GOOG is valued at ~22x our higher‘27 GAAP EPS est, in line with historical avg despite recent acceleration. Next Catalysts:public launch of Gemini 3.5 Pro, new agentic features, ramp in TPU sales. Risks include:tougher 3Q comps, social media trials, OpenAI ad ramp, flow of funds into AI IPOs GCP: Google Cloud PlatformOM: Operating MarginsAIO: AI OverviewsSOTP: Sum of the parts BofASecurities does and seeks to do business with issuers covered in its researchreports. As a result, investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision.Refer to important disclosures on page 14 to 17. Analyst Certification on page 12. PriceObjective Basis/Risk on page 12.12997585 Timestamp: 23 July 2026 01:44AM EDT iQprofileSMAlphabet Company SectorInternet/e-Commerce Company Description Alphabet is a global technology company focused on keyareas, such as search,advertising, operating systems andplatforms, enterprise and hardware products. The companygenerates revenue primarily by delivering online advertisingand by selling apps and content on Google Play as well ashardware products. The company provides its products andservices in more than 100 languages and in 190 countries,regions, and territories. Investment Rationale We see Alphabet as well positioned long term with leadingAI technology to apply to search, YouTube, and Cloudbusinesses.Alphabet should also benefit from increasingmobile usage, video usage, Google Play activity, andconnected device activity (including autos). We believe thatAlphabet should trade at a premium to a media peer groupgiven technology leadership, high margins, and strong cashflow generation for buybacks. Stock Data Average Daily Volume33,133,056Shares / Common - Dual Listed1.00 2Q Summary and thoughts on the stock Google reported a strong 2Q that we believe met Search and exceeded Cloudexpectations. The quarter was highlighted by accelerating Cloud growth (82% vs. 63% in1Q), expanding Cloud margins (35.6% vs 32.9% in 1Q) and healthy backlog growth (up11% q/q and 375% y/y), underscoring accleerating enterprise demand for AIinfrastructure and services. 2Q Search revenues grew 17% y/y and was largely in linewith Street, a modest negative after a strong 1Q. YouTube revenues grew 13% y/y (vsStreet 10%) aided by World Cup actitivity. Margins missed, primarly due to 1x legal andother (non-disclosed) items in G&A. Quarter was not as clean as recent prior quarters. Despite strong 2Q headline results, t