Alphabet heads into its Wednesday earnings call with a surprising gap in its lineup. Despite launching the Gemini 3.6 Flash, the 3.5 Pro model that is expected to keep Google shoulder to shoulder with ChatGPT 5.6 and Claude Fable 5, has slipped to a July release window that's quickly closing.
The market is projecting total second-quarter revenues of roughly $116.9 billion. Google Cloud remains the pivotal number to watch, with estimates circling $22.79 billion, an impressive 67% jump year-over-year. If it comes to fruition, the figure would be fueled in part by a nearly $1 billion monthly cloud deal with SpaceX, and amid rumors that Anthropic committed around $200 billion to Google Cloud and custom AI chips. On the investor side, the tech darling raised $80 billion through a stock sale, with $10 billion allocated to Berkshire Hathaway and $70 billion to others. On top of that, Alphabet replaced Verizon in the Dow Jones Industrial Average on June 29.
Backstage, the momentum came at a cost. DeepMind lost vice president John Jumper, while co-lead on the Gemini models Noam Shazeer departed from his VP of engineering role. The European Union is also not giving up on its campaign to rein in the company, ordering Google to open its systems to rival AI under its Digital Markets Act just days after its top court confirmed a €4.1 billion fine over competition breaches.
At the end of the day, Alphabet's numbers are likely to stand strong, with its flagship AI model set to crown yet another quarter filled with achievements.
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