Alphabet dropped a bombshell in its Q4 2025 earnings call: the company will spend between $175 billion and $185 billion on capital expenditure in 2026 — nearly double the $91.4 billion invested in 2025. Wall Street expected around $120 billion. The stock promptly dropped 5%.
The spending will fund AI computing infrastructure as Alphabet races to build frontier models, meet Cloud demand, and maintain its position against OpenAI and Microsoft. CFO Anat Ashkenazi framed it as necessary investment. Investors framed it as a $60 billion overshoot.
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