Phân tích viên dự đoán Alphabet có thể là công ty công nghệ lớn đầu tiên cắt giảm chi tiêu vốn cho AI

The Huoxing Finance report states that on July 22, finance professor and CTA (Commodity Trading Advisor) Damir Tokic published an article titled “Google Earnings Preview” on the U.S. investment platform Seeking Alpha, sparking widespread discussion in the U.S. equity investment community. The article suggests that Alphabet, Google’s parent company, could become the first major tech firm to cut AI capital expenditures. Alphabet will hold its Q2 2026 earnings call on July 22 at 16:30 Eastern Time, corresponding to 04:30 Beijing Time on July 23. According to Alphabet’s investor relations announcement, related earnings materials will be released prior to the call. The market expects AI infrastructure investment, Google Cloud growth, and free cash flow performance to be the key focus areas of this earnings report. Tokic noted in the article that Alphabet has consistently increased its AI investments in recent years, including data centers, servers, and cloud infrastructure. However, this expansion has also created cash flow pressure. If AI-related revenues fail to quickly offset capital expenditures, the company may need to rely on debt or equity financing to support future investments, raising concerns about credit risk and shareholder dilution. The article also mentions that although Google Cloud continues to grow rapidly, the growth rate of its backlog orders has shown signs of slowing, potentially dampening market optimism regarding AI cloud demand. Meanwhile, new products such as AI search, chatbots, and AI Overview are changing how users access information, which could negatively impact Google’s core profit source—search advertising—in the long term. Tokic believes that if the upcoming earnings report fails to demonstrate sufficient returns from AI investments, Alphabet’s capital expenditure plans may be reassessed, potentially pressuring its stock price. For investors, this earnings report not only reflects Alphabet’s own performance but may also serve as a critical signal for observing the AI investment cycle of major tech companies.