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Earnings Analysis

Communication Services

Summary

Alphabet Inc. has nearly $1T in off-balance sheet commitments, backstops, and guarantees, and $514B in RPOs likely concentrated in Anthropic and other circular "partners."

GOOG's ROR in AI capex is uncertain, as the end-consumer demand for AI cloud is weak for non-tech companies.

Alphabet has negative free cash flows, and depends on new debt and equity offerings, and it ended the share repurchase program.

Alphabet has transformed from a cash-generating media company to an infrastructure company with heavy capital needs and uncertain ROR on that capital.

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Alphabet Earnings

Alphabet Inc.…