As we turn our attention to the Q1 2026 earnings reports of U.S.-listed stocks, Alphabet, Google's parent company, is poised to unveil its first-quarter financial results this Wednesday. Investors are keenly observing its Gemini large-scale model, Google Cloud's revenue performance, and its capital investment strategies, as the market perceives Alphabet as one of the frontrunners in the AI sector this year. Over the past six months, Alphabet's stock price has soared by roughly 30%, outpacing both Amazon and Microsoft. This remarkable surge is largely attributed to Google Cloud's robust performance and the significant strides made by the Gemini model. The market anticipates that Google Cloud's first-quarter revenue will hit $18.4 billion, marking a 50% year-on-year increase. Bloomberg analysts forecast Alphabet's first-quarter earnings per share to be $2.62, with a total revenue projection of $107 billion. This quarter, its capital expenditures are projected to skyrocket by 111% compared to the same period last year. On the eve of the earnings announcement, Alphabet unveiled several AI initiatives, including the introduction of two new AI chips and the announcement of strategic partnerships. Its in-house chip development has heightened competition with its existing partners. Morgan Stanley analysts are eager to gain insights into the follow-up strategy for TPUs, believing that this business segment could emerge as a significant growth engine in 2027.