GOOGL After-Hours Update: $331.18 (-3.19%) as Market Digests Capex Shock

As of approximately 3:30 PM PT, Alphabet shares (GOOGL) traded at $331.18 in after-hours, down 3.19% from the closing price. The shares recovered from an earlier low of approximately -4.69% as the market began digesting the Q2 capex shock: FY2026 capex raised to ~$205B, Q2 $44.9B (+100% YoY), and negative free cash flow of -$5.9B. Cloud revenue of $24.77B (+82% YoY) and an EPS/revenue beat provided some support. The final after-hours close and Day 478 pre-market will determine whether the capex narrative or the growth narrative dominates.