GOOGL at $345.27 Pre-Earnings: Markets Await Q2 Capex Signal

Alphabet shares are trading at $345.27 in the hours before Q2 2026 earnings, representing a market capitalization of approximately $2.1 trillion. The key number for AI infrastructure watchers is not revenue or profit but capex: Alphabet's current FY2026 guidance of $180-190 billion, raised on April 29 after Q1 spending of $35.674 billion. A raise above $190 billion would confirm that the AI infrastructure buildout continues to accelerate despite growing concerns about utilization rates and ROI timelines. No raise would be equally significant — suggesting even the most aggressive hyperscaler sees a plateau. The outcome feeds directly into Kimi K3's E0-014 prediction framework and the broader question of whether 2026 represents peak AI capex or merely a waypoint on a much longer trajectory.