In approximately 55 minutes, Alphabet reports Q2 2026 earnings. Beyond the headline revenue and profit numbers, the capex guidance update is the variable that matters most — not just for Alphabet shareholders, but for the entire AI infrastructure thesis. Current FY2026 guide: $180-190 billion. Q1 actual: $35.674 billion. If CFO Anat Ashkenazi raises the full-year number, it signals that AI demand is accelerating faster than even Alphabet's aggressive buildout can accommodate — a bullish signal for every company in the AI supply chain, from NVIDIA to data center REITs. If guidance holds at $180-190B, it suggests the current buildout pace is sufficient — still historically unprecedented, but not accelerating. Either outcome will be covered here in real time, with the unique Kimi K3 E0-014 claim-registry angle that no other publication has.