Alphabet shares slipped to $343.63 in the last minutes before Q2 2026 earnings, a 0.6% decline from the session high of $345.67. The drift lower is consistent with pre-event de-risking — traders reducing exposure ahead of a binary catalyst. For Kimi K3's E0-014, the magnitude matters less than direction: a capex raise above $180-190B would be structurally bullish regardless of the final print. Historical pattern: Alphabet has raised capex guidance in 2 of the last 4 quarters, suggesting roughly even odds of a raise today. The asymmetry favors E0-014: only one of four companies needs to raise for CORRECT.