What smart money is saying about Alphabet
GOOGL · Communication Services · Internet Content & Information · Market cap $4096.08B
40 funds in our archive have pitched Alphabet — most recently Bronte Capital Amalthea Fund in July 2026.
Company profile
Alphabet Inc. provides a diverse range of products and digital platforms to consumers across multiple global regions, including North and South America, Europe, the Middle East, Africa, and the Asia-Pacific. The company's operations are organized into three primary divisions: Google Services, Google Cloud, and "Other Bets." The Google Services segment delivers core offerings such as its advertising solutions, the Android operating system, the Chrome browser, and various hardware. It also features popular applications like Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube. This division further handles the sale of applications, in-app purchases, and digital content via the Google Play store, alongside marketing devices such as Fitbit wearables, Google Nest smart home products, Pixel smartphones, and other proprietary hardware. It also provides non-advertising services for YouTube. The Google Cloud segment offers a comprehensive suite of infrastructure, platform, and other cloud computing services for businesses. This includes Google Workspace, a collection of cloud-native collaboration tools for enterprises, featuring applications like Gmail, Docs, Drive, Calendar, and Meet, among other specialized services for corporate clients. Lastly, the "Other Bets" segment is engaged in developing and selling health technology and internet services. Established in 1998, Alphabet Inc. maintains its principal executive offices in Mountain View, California.
Get an email when a fund writes about it
127
Reported positions
20
Bought
21
Sold
226
Letters
Position history
Between Q4 2024 and Q3 2026, 127 fund letters reported a position in Alphabet — 20 opened or added to the position, 20 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 19 | 2 | 4 | 2 |
| Q2 2026 | 98 | 18 | 16 | 18 |
| Q1 2026 | 9 | 0 | 0 | 3 |
| Q4 2025 | 1 | 0 | 0 | 7 |
| Q3 2025 | 0 | 0 | 0 | 1 |
| Q2 2025 | 0 | 0 | 0 | 1 |
| Q1 2025 | 0 | 0 | 0 | 6 |
| Q4 2024 | 0 | 0 | 0 | 2 |
Fund activity · 128 positions · 41 moves
- HoldsBlueBox Global Technology FundAugust 2026
Listed in BlueBox Global Technology Fund’s reported holdings.
Alphabet - August 2026
“Alphabet CFO, Anat Ashkenazi: "Moving to investments. We are updating our full year 2026 capex guidance range to $195 billion to $205 billion, up from our previous estimate of $180 billion to $190 billion.”
Alphabet - August 2026
“Bottom 5 - Relative Contribution Alphabet Inc. Class A -0.2$% Dick's Sporting Goods,… -0.20%”
Alphabet - August 2026
“The largest detractor was Alphabet (-7.8%), which gave back some of its exceptional run over the past year as the market digested a lift in full year capital expenditure guidance to $205 billion for 2026. Our view has not changed. We continue to view that spending as a source of long-term strength rather than a cause for concern. As the only hyperscaler with a fully integrated AI stack spanning chips, infrastructure, models, data and distribution, we believe Alphabet is exceptionally well placed to benefit from the ongoing adoption of AI and it remains a core holding in the portfolio.”
Alphabet - August 2026
Listed in Harding Loevner Global Developed Markets Equity’s reported holdings.
Alphabet - August 2026
“The top three absolute contributors to the Fund’s performance in August were Nintendo, London Stock Exchange Group and Intuit, and the top three absolute detractors were Alphabet, PayPal and Prada.”
Alphabet - August 2026
“Apart from briefly owning Alphabet (owner of Google) during FY26, which we sold after its valuation quickly reached our target, PGF does not own the ‘Magnificent Seven’ tech companies, SpaceX or other highly valued AI-related businesses.”
Alphabet - August 2026
“Apart from briefly owning Alphabet (owner of Google) during FY26, which we sold after its valuation quickly reached our target, PGF does not own the ‘Magnificent Seven’ tech companies, SpaceX or other highly valued AI-related businesses.”
Alphabet - July 2026
“7. Alphabet (GOOG) ● Business: Alphabet dominates search engine (90%+), browser (70%+ Chrome), and mobile OS (70%+ Android) markets. Also a leader in AI (Gemini), Cloud, and autonomous driving (Waymo). ● Insider Buying/Selling: No insider buying; selling exhibits no unusual pattern. ● Recent News: Recent $80 billion stock offering has weighed heavily on the stock and the unprecedented capex expansion of all the hyper-scalers, including Alphabet, has dented my conviction that the Company would be a judicious caretaker of shareholder capital. 9 Confidential The Insiders Fund January 12, 2026, Apple and Google announced a landmark multi-year partnership that fundamentally changes how AI works on Apple devices. ● Our Thesis: Alphabet has been our favorite name but I believe the market is telling Google and other hyperscalers that spending all of your free cash flow for the next two years building out datacenters because you believe there is a shortage of compute is not going to be tolerated. Until Alphabet gets that message or the market is proved wrong by insatiable demand for compute, we prefer to keep a smaller position.”
Alphabet - July 2026
Listed in Harding Loevner Global Equity model portfolio’s reported holdings.
Alphabet - July 2026
Listed in WS Lindsell Train North American Equity Fund’s reported holdings.
Alphabet - July 2026
Listed in Lindsell Train Global Equity Fund’s reported holdings.
Alphabet - July 2026
Listed in Harding Loevner Global Equity ADR’s reported holdings.
Alphabet - July 2026
“What do capital markets tell us? Although every market cycle is different, elevated capital raises are a recognisable feature of late cycle stages. Companies raise funds to invest in growth and pursue attractive returns, and management has a clear incentive to do so when valuations are elevated, since equity and debt are effectively cheaper to issue. Companies know this, which is why a broad pick-up in capital raises is often a sign that valuations have become stretched relative to underlying fundamentals. Furthermore, executives sometimes overestimate the scale of future demand, leading to a mismatch between supply and demand when supply eventually comes online later in the cycle. Recent months have offered a live illustration of this dynamic in the AI space. SpaceX completed the largest initial public offering (IPO) on record in June, raising roughly $86 billion at a valuation of $1.77 trillion. Anthropic and OpenAI have each 10 Guinness Global Innovators July 2026 since filed confidentially with the SEC for listings later this year, at valuations of roughly $965 billion and up to $1 trillion respectively. Alphabet has also taken advantage of this strong investor sentiment.”
Alphabet - July 2026
“Top 10 Holdings Company Sector Geography Weight NIIDIA Corporation Information Technology US 6.5% Alphabet Inc. Communication Services US 5.3%”
Alphabet - TrimmedBronte Capital Amalthea FundJuly 2026
“We love Google as a company and think its management team may be amongst the best assembled in the history of capitalism. But the stock is abnormally risky. The core business is being disrupted, and that disruption may be total. The company’s reaction is to spend its entire accumulated profits on disrupting itself with no certainty about the outcome, or even whether there is any profit at the end. We keep trimming the stock. And we know in the end we will be squeamish about the outcome.”
Alphabet - July 2026
“The largest detractor was Alphabet (-0.4%), which delivered another strong quarterly result but drifted modestly lower as the market stayed focused on the scale of its ongoing reinvestment. We continue to view that spending as a source of long-term strength rather than a cause for concern. As the only hyperscaler with a fully integrated AI stack spanning chips, infrastructure, models, data and distribution, we believe Alphabet is exceptionally well placed to benefit from the ongoing adoption of AI and it remains a core holding in the portfolio.”
Alphabet - July 2026
“Changes and holdings During the month, the fund reduced its holdings in Bure Equity, Idun Industrier and Industrivärden, and fully divested its holding in VEF. The fund added to Alphabet, Danaher, Lifco and Siemens AG.”
Alphabet - July 2026
“The fund saw a negative return over the month in dollar terms, broadly in line with the benchmark index. The fund showed resilience in light of a spike in volatility that saw a flare up of US-Iran geopolitical tensions pushed the oil price back above $90 per barrel and lifted the energy sector. These moves, in turn, pushed government bond yields higher leading to a weak performance for corporate bonds as higher energy prices stoked up inflation concerns. Despite a slow down in primary markets in July, following typical seasonal effects, the fund remained active. We reduced AT1 bonds from Banque Federative du Credit Mutuel, Rabobank and BNP Paribas following strong performance, adding to a new issue from AT&T and buying bonds in the secondary market from Google owner Alphabet – adding yield and increasing diversification.”
Alphabet - July 2026
Listed in Upslope Capital Long/Short Strategy’s reported holdings.
Alphabet - June 2026
“At the end of the quarter the Russell reconstitution took place. The biggest shifts were decreased weight to Consumer Discretionary (largely driven by Amazon) and increased weight to Communication Services (largely driven by Alphabet).”
Alphabet - June 2026
“Alphabet was the Fund’s strongest performer over the quarter, up 24.4%.”
Alphabet - HoldsDistillate CapitalJune 2026
“Fully half of Alphabet’s recent $80 billion secondary share issuance is purportedly related to such payments.”
Alphabet - June 2026
“Except for Alphabet, hyperscalers lagged as investors weighed the ramifications of extraordinary capital spending.”
Alphabet - June 2026
“ClearBridge owns both Meta and Alphabet in several portfolios, and we are cognizant of the risks to both society from social media and the companies via potential liability.”
Alphabet - June 2026
“We added to our holdings in Netflix (NFLX) and trimmed Alphabet (GOOG), Amazon (AMZN), Analog Devices (ADI), and TransDigm (TDG).”
Alphabet - June 2026
Listed in Sequoia Fund (Ruane Cunniff LP)’s reported holdings.
Alphabet - June 2026
“ Except for Alphabet, hyperscalers lagged as investors weighed the ramifications of extraordinary capital spending.”
Alphabet - June 2026
“Communication services was the largest contributor to relative results, led by Alphabet.”
Alphabet - June 2026
“Multiple hyperscalers depend on Broadcom, including Alphabet, another of its portfolio holdings.”
Alphabet - June 2026
“Trades During the Quarter Reduced: Alphabet Inc. (GOOG) – We trimmed our largest position on strength and to comply with our stated 10% position limits.”
Alphabet - June 2026
“We also modestly trimmed the Technology names Alphabet (Google), Applied Materials, Qualcomm, and Generac (mostly in tax-exempt accounts) as these positions had become oversized because of significant stock price appreciation.”
Alphabet - June 2026
“Within the infrastructure layer, as of June 30, 2026, the Strategy had 15.9% exposure to companies that we believe are essential to this development, dominant in their markets and relatively less exposed to technology risk. This includes our new investment in Siemens Energy during the second quarter. Siemens Energy is a key architect of the infrastructure electrification needed to support the AI technology build-out. This 15.9% exposure excludes our large investments in the hyperscalers Alphabet and Microsoft.”
Alphabet - June 2026
Listed in Baron Fifth Avenue Growth Fund’s reported holdings.
Alphabet - June 2026
“Alphabet, the parent company of Google and YouTube, advanced as investors grew more confident that AI would strengthen, rather than disrupt, its core businesses.”
Alphabet - June 2026
“During the quarter, we added to our position in Alphabet Inc. , the parent company of Google—the world’s largest search and digital advertising franchise—as well as YouTube and Google Cloud Platform, one of the three leading hyperscale cloud infrastructure businesses globally.”
Alphabet - June 2026
“Other top contributors included Alphabet, which rose following the release of encouraging results, which also gave investors confidence about its direction of AI integration.”
Alphabet - June 2026
“Portfolio Positioning In the June quarter, Montaka made some targeted changes to the portfolio. We substantially increased our investments in Visa and Mastercard on the basis described above. We see a major mispricing here: as the probability of strong growth increases, valuations have fallen to unusually low levels as the market remains focused on semiconductor stocks. We funded these investments by trimming TSMC and Alphabet, both of which have run up materially in recent months.”
Alphabet - June 2026
“LARG EST IN DIVIDUAL DETRACTORS – 2Q26 Alphabet Inc. (GOOGL) is a holding company whose primary subsidiary is Google, whose Search business makes it one of the largest advertising company in the world. Alphabet’s other businesses are its enterprise cloud platform and venture-stage companies collectively reported as “Other Bets.” We believe Alphabet’s valuation remain good given its improving growth prospects. Although the stock rose during the quarter, it detracted from relative performance because we were underweight compared to the benchmark. Our investment thesis remains intact.”
Alphabet - June 2026
“What are our Fund holdings saying? LAM Research (semiconductor capital equipment) "In January, we shared our outlook for 2026 WFE [wafer fabrication equipment] in the $135 billion range. Since then, spending projections from customers have moved higher across all device segments. We now expect WFE of $140 billion with a bias to the upside as the industry continues to work through various constraints." - Timothy M. Archer, CEO Applied Materials (semiconductor capital equipment) "AI adoption is accelerating and diversifying, fuelling broader demand for semiconductors, manufacturing and equipment... we now expect our semiconductor equipment business will grow more than 30% this calendar year." - Gary E. Dickerson, CEO 14 Guinness Global Innovators June 2026 Nvidia (chip designer) "Demand for AI infrastructure continues to expand at an unprecedented pace. The build-out of AI factories is accelerating. The value of NVIDIA AI infrastructure is rising. The price of renting an H100 has risen 20% year-to-date, while A100 cloud pricing is up nearly 15%." - Jensen Huang, CEO AMD (chip designer) "What we've seen is all of the things that we believed in terms of agentic AI and inferencing, and all the CPU compute that is required is just happening, and it's happening at a much faster pace." – Dr Lisa Su, CEO TSMC (foundry) "The shift from generative AI and the query mode to agentic AI and command and action mode is leading to another step-up in the amount of tokens being consumed.” - C.C. Wei, CEO Alphabet (hyperscaler)”
Alphabet - June 2026
“➢ Alphabet, ie Google, was up 24.4% as it posted very strong growth across its businesses, particularly Cloud, and management reiterated its confidence that its substantial capital spending will continue to reap strong returns.”
Alphabet - June 2026
“During the quarter, we initiated new investments in ASML Holding (ASML) and we exited our position in Intuit (INTU). During the quarter-end rebalance of the Quality Premier strategy, we also exited Ametek (AME), added to our holdings in Broadcom (AVGO) and GE Vernova (GEV), and trimmed Alphabet (GOOG), Amazon (AMZN), Danaher (DHR), and Unilever (UL).”
Alphabet - June 2026
“As for portfolio activity for the quarter, we trimmed Alphabet and Arista.”
Alphabet - June 2026
“Top 10 holdings Weighting (%) NVIDIA Corporation 5.09 Alphabet Inc. Class A 4.97 Apple Inc. 4.39”
Alphabet - June 2026
“Other top contributors included Alphabet, which rose following the release of encouraging results, which also gave investors confidence about its direction of AI integration.”
Alphabet - June 2026
Listed in Royal London AM Global Equity Enhanced Fund’s reported holdings.
Alphabet - June 2026
“The fund outperformed its benchmark over the quarter. This was the result of positive stock selection, with holdings in the information technology and healthcare sectors performing particularly well. Some of the best performers were stocks benefiting from investors’ increasingly positive view on the semiconductor cycle and AI-related demand. Holdings in the Intel and Micron Technology were among the fund's strongest contributors. The holding in scientific equipment manufacturer Bruker performed well. The stock performed poorly in the first quarter of the year after missing consensus earnings estimates. However, it surged in the second quarter, after beating earnings forecasts and benefiting from relief about tariff concerns and evidence of rising sales. Other top contributors included Alphabet, which rose following the release of encouraging results, which also gave investors confidence about its direction of AI integration.”
Alphabet - June 2026
“Other top contributors included Alphabet, which rose following the release of encouraging results, which also gave investors confidence about its direction of AI integration.”
Alphabet - June 2026
“Top 10 holdings Weighting (%) Alphabet Inc. Class A 6.43 Apple Inc.”
Alphabet - June 2026
“Top 10 holdings Weighting (%) NVIDIA Corporation 5.84 Alphabet Inc. Class A 5.31 Apple Inc.”
Alphabet - June 2026
“The diverse source of our returns this quarter is notable. Samsung was, of course, a home run and our best performer. But Aramark (contract catering), Elevance (health insurance company), Alphabet and Citigroup (money center bank) all returned between 24% and 40%.”
Alphabet - June 2026
“Elevance’s share price climbed 33% this quarter. Elevance’s share price had been weak from the second half of 2024 through early 2026. The managed care industry has been facing headwinds related to post-COVID Medicaid recertification, changes to Affordable Care Act (ACA) subsidies, above-trend medical costs in Medicaid and the ACA, and the potential impacts on Medicaid from Trump’s One Big Beautiful Bill. The company also had a dispute with the Centers for Medicare & Medicaid Services (CMS) about historical risk adjustments. For a time, investors were pricing Elevance as if it would never make any profit in its Medicaid and ACA business, which collectively represent about half of its health insurance premiums. Q1 results in April seem to have eased many investors’ fears. Premiums are stabilizing as are medical costs. Premium increases in both Medicaid and the ACA businesses are coming through, which suggests margin improvements are on the way. Management held its guidance for the year, which looks increasingly conservative given the Q1 results. In addition, the dispute with CMS seems likely to be resolved without much disruption. Alphabet shares rose 24% during the quarter.”
Alphabet - June 2026
“Alphabet Inc (GOOG), +23.2%, was our third-best performer in the quarter.”
Alphabet - June 2026
“Aramark (contract catering), Elevance (health insurance company), Alphabet and Citigroup (money center bank) all returned between 24% and 40%.”
Alphabet - June 2026
“During the quarter, we were unusually busy. We bought Hermès and sold Tractor Supply Company, Zoetis, and CDW. We increased positions in Chubb, Progressive, Meta, Amazon, Microsoft, and Visa. We trimmed United Rentals, Alphabet, and Taiwan Semiconductor Manufacturing. Alphabet was a top contributor to performance during the quarter.”
Alphabet - June 2026
“The quarter still included several good outcomes as Alphabet , Monolithic Power Systems , NVIDIA , Broadcom , Amazon , and our largest addition during the first quarter, Lam Research , each added more than 100bps.”
Alphabet - June 2026
Listed in Tributary Capital Management All Cap Equity Strategy’s reported holdings.
Alphabet - HoldsBretton FundJune 2026
“We are believers in AI and its capabilities, and our largest holding continues to be Alphabet, arguably the leading beneficiary of AI. The stock added 3% to performance this quarter.”
Alphabet - June 2026
“Our positions in Interactive Brokers Group, Inc. class A common stock (NASDAQ: IBKR), Northeast Bank voting common stock (NASDAQ: NBN), Amazon.com, Inc. common stock (NASDAQ: AMZN) and Alphabet Inc. class C capital stock (NASDAQ: GOOG) drove the portfolio’s gain during the quarter.”
Alphabet - HoldsBaron Partners FundJune 2026
Listed in Baron Partners Fund’s reported holdings.
Alphabet - AddedBaron Technology ETFJune 2026
“During the quarter, we added to our position in Alphabet Inc. , the parent company of Google — the world’s largest search and digital advertising franchise — as well as YouTube and Google Cloud Platform, one of the three leading hyperscale cloud infrastructure businesses globally.”
Alphabet - TrimmedRGA Investment Advisor Investment PortfolioJune 2026
“In aggregate, we funded these acquisitions with the sale of Lattice Semiconductor, Disney and Workday, as well as a modest trim from our Alphabet position.”
Alphabet - New positionAGT Partners Shareholder LetterJune 2026
“We have also recently purchased a position in Alphabet.”
Alphabet - New positionAGT Partners FundJune 2026
“We have also recently purchased a position in Alphabet.”
Alphabet - June 2026
“During the quarter, we added to our position in Alphabet Inc., the parent company of Google—the world’s largest search and digital advertising franchise—as well as YouTube and Google Cloud Platform, one of the three leading hyperscale cloud infrastructure businesses globally.”
Alphabet - June 2026
“Alphabet and Amazon, as these two holdings”
Alphabet - June 2026
“Our largest additions included the following names: CME Group, TSMC, Amazon, NVIDIA, Alphabet, Visa, ASML, S&P Global, Stevanato Group, and Brookfield.”
Alphabet - HoldsBaron Partners FundJune 2026
Listed in Baron Partners Fund’s reported holdings.
Alphabet - June 2026
“We did not purchase any new positions during the quarter. We sold one position during the quarter: UnitedHealth Group Inc. There were six material contributors to performance: UnitedHealth Group Inc., Amazon.com Inc., Ryan Specialty Holdings Inc., Everest Group Ltd., Alphabet Inc., and TransDigm Group Inc. There was one material detractor to performance: SAP SE.”
Alphabet - June 2026
“Alphabet, the parent company of Google and YouTube, was a primary contributor during the period. We initiated our position in the first quarter of 2025, when investors were concerned that generative AI tools would fundamentally alter search behavior and erode Google’s advertising franchise.”
Alphabet - June 2026
“Alphabet Inc. (8.4%; +23.3%) rose on strong first quarter 2026 results, Gemini momentum and growing enterprise adoption, and expanding third-party tensor processing unit (TPU) sales.”
Alphabet - New positionBaron Global Opportunity StrategyJune 2026
“Recent Activity During the second quarter, we initiated five new positions: the leading search and AI company, Alphabet, one of the leading memory providers, Samsung Electronics, a fast-inferencing AI chip provider, Cerebras, a supplier of critical parts used in aerospace engines and industrial gas turbines, DPC Holdings, and an engine provider for power generation, Innio.”
Alphabet - June 2026
“During the quarter, we added to our position in Alphabet Inc., the parent company of Google — the world’s largest search and digital advertising franchise — as well as YouTube and Google Cloud Platform, one of the three leading hyperscale cloud infrastructure businesses globally.”
Alphabet - June 2026
“Only Alphabet outperforming the Index among the “Magnificent Seven.””
Alphabet - June 2026
“This 15.9% exposure excludes our large investments in the hyperscalers Alphabet and Microsoft.”
Alphabet - June 2026
“We also purchased Alphabet Inc Class C (GOOG) in the second quarter, after selling the name last summer.”
Alphabet - June 2026
“The five largest cloud and AI infrastructure giants (Amazon, Alphabet, Meta, Microsoft, and Oracle) are projected to spend over $725 billion on capex in 2026 alone, nearly double last year’s already eye-popping levels.”
Alphabet - June 2026
“Today, few companies are making ROI-based decisions on AI spending. Many are investing aggressively because they do not want to risk falling behind (FOMO). At times, the spending appears haphazard, as evidenced by large companies paying bonuses based on higher token usage. The result is a capital expenditure (capex) sprint that, by any historical measure, is extraordinary. The five largest cloud and AI infrastructure giants (Amazon, Alphabet, Meta, Microsoft, and Oracle) are projected to spend over $725 billion on capex in 2026 alone,”
Alphabet - TrimmedMontaka Global FundJune 2026
“Portfolio Positioning In the June quarter, Montaka made some targeted changes to the portfolio. We substantially increased our investments in Visa and Mastercard on the basis described above. We see a major mispricing here: as the probability of strong growth increases, valuations have fallen to unusually low levels as the market remains focused on semiconductor stocks. We funded these investments by trimming TSMC and Alphabet, both of which have run up materially in recent months.”
Alphabet - June 2026
“Alphabet Inc., the parent company of Google, contributed to performance with the stock up 23.2% as the market increasingly recognized its unique position vis-à-vis AI. Alphabet is the industry's most vertically integrated AI player, with ownership across every layer of the stack, including custom TPU silicon, global cloud infrastructure, the Gemini foundation models, and distribution across 13 products with more than 1 billion users each. This full-stack ownership is translating into strong demand. Google Cloud revenue grew 63% year-over-year and backlog surged nearly 300% to roughly $460 billion, prompting management to raise 2026 capital expenditure guidance and signal a significant further increase in 2027. Search revenue grew 19% year-over-year as AI features drove record query volumes, demonstrating that generative AI is expanding, rather than eroding, the core franchise. Capital access has itself become a competitive moat, allowing Alphabet to fund supply aggressively and outbid peers for scarce compute. We maintain strong conviction, viewing Alphabet's vertical integration and balance sheet strength as durable advantages in a multi-year build cycle.”
Alphabet - HoldsBretton FundJune 2026
“our largest holding continues to be Alphabet, arguably the leading beneficiary of AI.”
Alphabet - June 2026
“A few lines across each of the companies we hold as part of out portfolio in order of their sizing Alphabet (GOOG): Our largest holding and top contributor this year.”
Alphabet - June 2026
“We currently own some Alphabet and have previously owned both Meta and Microsoft.”
Alphabet - June 2026
“The largest contributors to performance were Taiwan Semiconductor Manufacturing, Arm Holdings, and Alphabet.”
Alphabet - June 2026
Listed in Liontrust GF Sustainable Future US Growth Fund’s reported holdings.
Alphabet - New positionLiontrust Global Technology FundJune 2026
Listed in Liontrust Global Technology Fund’s reported holdings.
Alphabet - June 2026
“We added materially to existing holdings on the same logic: Apple’s share count rose c.90% (now the Fund’s largest position at 5.4%), Danaher, Thermo Fisher, L’Oréal and Ferrari were all more than doubled, and Lilly, Amazon, Alphabet and Meta increased.”
Alphabet - June 2026
“We also made a marginal maturity reduction in Alphabet for a small pick-up in spread.”
Alphabet - New positionLiontrust GF Global Technology FundJune 2026
“It is why we own Amazon and Alphabet, the hyperscalers controlling both custom silicon and a frontier model, and none of Microsoft, a zero weight that added over three percentage points this quarter.”
Alphabet - June 2026
“We added materially to existing holdings on the same logic: Apple’s share count rose c.90% (now the Fund’s largest position at 5.4%), Danaher, Thermo Fisher, L’Oréal and Ferrari were all more than doubled, and Lilly, Amazon, Alphabet and Meta increased.”
Alphabet - June 2026
“Magnificent 7: Our targeted positioning in Alphabet, Amazon and Apple saw positive attribution.”
Alphabet - June 2026
“Our largest additions included the following names: CME Group, TSMC, Amazon, NVIDIA, Alphabet, Visa, ASML, S&P Global, Stevanato Group, and Brookfield.”
Alphabet - HoldsBaron CapitalJune 2026
Listed in Baron Capital’s reported holdings.
Alphabet - June 2026
“This was a very positive quarter for bond selection, with strong contributions from bonds issued by Bupa, Alphabet, Timken, Sage, Smiths and Segro.”
Alphabet “We also harvested gains in Alphabet and KLA Corp following strong share-price appreciation and reallocated capital to more attractively priced opportunities while maintaining significant exposure to both companies.”
Alphabet- HoldsJAG Capital Management Large Cap Growth PortfolioJune 2026
“Large Cap Growth Portfolio1jagcap.com CAPITAL MANAGEMENTLLCForward. Together. Commentary: 2nd Quarter 2026 Highlights Portfolio Review • US equities climbed a wall of worries in Q2, including oil supply disruption in the Middle East, elevated inflationary pressures, robust valuations, and a leadership change at the Federal Reserve. This market resiliency was underpinned by strong corporate earnings growth and progress toward deescalation in the Middle East. • Technology and Industrials were the best performing sectors by a wide margin, primarily driven by strong performance from AI beneficiaries. Energy and defensive sectors lagged – reversing the trend from Q1. • LCG strategy outperformance in the quarter was driven by security selection. Our positions in leading semiconductor companies provided a tailwind to performance, led by Micron (MU), Advanced Micro Devices (AMD), Applied Materials (AMAT), and Intel (INTC). Alphabet (GOOGL) and Vertiv (VRT) were also positive contributors.”
Alphabet “Alphabet Inc. contributed to performance as the Google Cloud business grew 63% year over year, with backlog nearly doubling to over $460B.”
Alphabet- TrimmedNexus Investment Management ULCJune 2026
“Rapid price appreciation in several names led to stretched valuations and outsized position sizes, prompting us to prudently trim our exposure to Cisco, Alphabet, Finning, and Toromont.”
Alphabet “Portfolio Changes We initiated new positions in Equinix and Arista Networks and exited our positions in Aon and Intuit. Positions in Microsoft, Waste Management, Netflix, Ecolab, and Yum! Brands were added to on weakness while also adding to our positions in Alphabet, Apple, Nvidia, and ServiceNow given their strong long-term growth prospects.”
AlphabetListed in Tributary Capital Management All Cap Plus Equity Strategy’s reported holdings.
Alphabet- HoldsMayTech Global Investments Global Growth StrategyJune 2026
“Alphabet is seeing stronger growth in its digital advertising business as it integrates AI into products like Google Search.”
Alphabet - June 2026
“Alphabet’s earnings also provided evidence to support further investment.”
Alphabet - June 2026
Listed in Munro Global Growth Equity SMA’s reported holdings.
Alphabet - June 2026
“Alphabet (GOOGL): Alphabet dominates the digital landscape through its core search engine while aggressively integrating generative AI capabilities across its vast consumer and enterprise ecosystem.”
Alphabet - HoldsPeterson Investment Fund IJune 2026
“Portfolio Design What the quarter did not change is the architecture of the portfolio. PIFI remains concentrated in a small number of long-duration compounders, internationally diversified in liquid, undervalued, growing businesses. We use Structured Value to reduce our cost of ownership where appropriate. Reserves are held in productive and liquid form within Titan Strategic Income, so that patience carries a lower opportunity cost than holding cash alone. VeritasAlpha, our AI research infrastructure, broadens coverage and improves speed without substituting for judgment. Our posture toward artificial intelligence also remains unchanged, we have strong conviction in its economic significance paired with the discipline not to pay just any price for it. We prefer AI exposure attached to businesses that already possess customers, data, infrastructure, and balance-sheet strength such as Alphabet, Alibaba, and Tencent through Naspers.”
Alphabet - June 2026
Listed in Parnassus Investments Core Equity Fund’s reported holdings.
Alphabet - June 2026
“Top Contributors Applied Materials, which supplies semiconductor manufacturing equipment, benefited from sustained demand tied to AI infrastructure build-out and accelerating demand for compute (computing power). Alphabet’s strong performance reflected continued strength in its core businesses and an increasingly optimistic investor view of the company’s potential for long-term AI leadership.”
Alphabet - June 2026
“Considering this platform shift, in the second quarter, the most important development for equity markets during the reporting season in April and May was that hyperscale capex spending is durable and is set to grow meaningfully in 2027. Fundamentally, adoption of these tools continues to accelerate, driving significant demand for the AI supply chain. Usage remains the key barometer of this spend, which we continue to monitor closely. In previous reports, we have spoken about the acceleration of token consumption. During the quarter, we saw Anthropic report their annualised revenue run rate that has increased from US$9bn at the end of calendar 2025, to US$47bn at the end of May 2026, a five-fold increase in only 5 months. This datapoint is an important signpost that usage remains strong, and the runway for these tools is large. Additionally, Alphabet’s earnings also provided evidence to support further investment.”
Alphabet - HoldsHomestead Advisers FundsJune 2026
Listed in Homestead Advisers Funds’s reported holdings.
Alphabet - June 2026
“Other material trims included Alphabet, Berkshire Hathaway, CoStar Group, Perimeter Solutions and Texas Instruments.”
Alphabet - June 2026
“Portfolio activity beyond the entries and exits above was more muted and tilted toward trims. Beyond the exits of Accenture and Salesforce, we also trimmed our holdings of Alphabet, Amazon, Bio-Techne, SiriusXM and Thermo Fisher, partially offset by additions to Danaher and Global Payments.”
Alphabet - June 2026
“We trimmed the Fund’s holdings of Analog Devices, Texas Instruments, and Alphabet at substantial gains to help manage position sizes after significant rallies in their stocks.”
Alphabet - June 2026
“including larger positions in Taiwan Semiconductor, Microsoft, Alphabet and Meta Platforms, the strongest performers in 2Q26 were companies more directly benefiting from AI-related capital spending.”
Alphabet - HoldsHomestead Advisers Value FundJune 2026
“Alphabet Inc., a provider of consumer internet and cloud computing services, showcased clear growth acceleration across its core Search and Cloud segments alongside margin expansion in its latest earnings.”
Alphabet - June 2026
“We reallocated capital away from several top contributors (Alphabet, Analog Devices, Bio- Techne) to manage position sizes at higher, less attractive prices.”
Alphabet - June 2026
“Alphabet delivered robust results during the first quarter.”
Alphabet - May 2026
“Companies Held 16 Benchmark MSCI All Country World Index Net Total Returns (AUD) LAKEHOUSE GLOBAL GROWTH FUND MONTHLY LETTER 31 May 2026 Company Headquarters Strategic Advantage MercadoLibre Argentina Networks, Loyalty, IP Sansan Japan Loyalty, Networks ServiceNow USA Loyalty Adyen Netherlands Loyalty, IP Kinaxis Canada IP, Loyalty Microsoft USA Loyalty, Networks, IP Alphabet USA IP, Networks Workiva USA Loyalty, IP Workday USA Loyalty Amazon USA Networks, Loyalty, IP”
Alphabet - New positionKavaljer InvestmentbolagsfondMay 2026
“New positions are Alphabet and Thermo Fisher.”
Alphabet - HoldsFlexible Equity FundMarch 2026
“TOP 10 HOLDINGS % OF PORTFOLIO Alphabet, Inc* 8.1”
Alphabet - March 2026
“including Microsoft, Autodesk, Alphabet, Visa, and OpenAI/Anthropic),”
Alphabet - HoldsBuffalo Growth FundMarch 2026
“FUND MANAGEMENT TOP 10 HOLDINGS (%)* NVIDIA Corporation 12.20 Alphabet, Inc. 11.82 Microsoft Corporation 11.22 Amazon.com, Inc.”
Alphabet - March 2026
Listed in Buffalo Blue Chip Growth Fund’s reported holdings.
Alphabet - March 2026
Listed in Giverny Capital Asset Management (GCAM) model portfolio’s reported holdings.
Alphabet - March 2026
“Portfolio Holdings Data as of March 31, 2026. Source: FactSet, Hardman Johnston Global Advisors LLC®. The data shown is of a representative portfolio for the Hardman Johnston Select Equity strategy and is for informational purposes only and is not indicative of future portfolio characteristics/returns. Actual results may vary for each client due to specific client guidelines and other factors. The representative portfolio was chosen as most representative of the Select Equity strategy. Future investments may or may not be profitable. C ountry We ig ht ( %) Indus try Communicat ion Serv ices 8.1 Alphabet Inc. United States 7.1 Interactive Media & Services”
Alphabet - March 2026
Listed in HL Global Carbon Transition Equity’s reported holdings.
Alphabet - March 2026
Listed in Riverparks funds RiverPark funds RiverPark Large Growth Fund’s reported holdings.
Alphabet - March 2026
“We have been evaluating AI related disruption risks for years and have been especially active in evaluating those risks since OpenAI released ChatGPT. We feel like we have some insights in this area having internally developed our own AI models years before anyone heard of ChatGPT. We maintained our investment in Alphabet in the face of AI related worries because we believed their competitive strengths would enable them to defend their core business and that they were more likely to benefit from AI than to be disrupted by it.”
Alphabet - HoldsClipper FundDecember 2025
“Meta and Alphabet are two examples of companies we own that have these ingredients.”
Alphabet
Also mentioned · 82
These funds discuss Alphabet — as a competitor, benchmark or comparable — without disclosing a position in it.
- MentionedGuinness Global Quality Mid Cap FundAugust 2026
“Amazon lifted its 2026 capex outlook to roughly $210bn, Alphabet raised guidance to $195–$205bn, and Meta is moving toward the upper end of its $130–$145bn range.”
Alphabet - MentionedSaga PartnersAugust 2026
“Google researchers introduced the transformer architecture, and OpenAI used that architecture to create increasingly capable large language models.”
Alphabet - MentionedGuinness Asian Equity Income FundAugust 2026
“The big story for global markets in July was the reassessment of one of the dominant macro themes of the past 18 months: the AI capital expenditure supercycle. Rather than questioning the long-term potential of artificial intelligence, markets increasingly began to ask when the unprecedented levels of investment would translate into sustainable earnings and free cash flow. Source: Bloomberg, MSCI, Guinness Global Investors. Net returns in US dollars as of 31 July 2026. This change in focus was driven by a series of developments in the Technology sector. Alphabet reported its first quarter of negative free cash flow since listing, after another substantial increase in AI-related capital expenditure, while continuing to raise its investment guidance.”
Alphabet - MentionedCDT CapitalAugust 2026
“while back in July Nikkei research suggested that $1.65T of debt is now sitting on and off the books of Meta, Oracle, Amazon, Microsoft and Alphabet (Google).”
Alphabet - MentionedCDT Capital Investment StrategyAugust 2026
“while back in July Nikkei research suggested that $1.65T of debt is now sitting on and off the books of Meta, Oracle, Amazon, Microsoft and Alphabet (Google).”
Alphabet - July 2026
“Two global themes stood out. First, the big four hyperscalers (Amazon, Microsoft, Alphabet and Meta) issued guidance that their combined 2026 capital expenditure would be $650-725bn, up 60-77% year-on-year.”
Alphabet - July 2026
“1. The cyclicality of semis and the inevitability of capital cycles. The semis sector has always been highly cyclical, yet the consensus assumes this time is different and that outstanding secular growth at high margins will persist for years. History runs firmly against this conclusion. As Nassim Nicholas Taleb once wrote, “I’ve seen gluts not followed by shortages, but I have never seen a shortage that hasn’t led to a glut”. Morgan Stanley estimates hyperscaler capital expenditure alone (excluding neoclouds) will surpass $1 trillion in 2027 – three times the peak of the dot-com fibre build-out as a proportion of GDP. The differences with 2000 are important. One important difference is that the scale of capital deployment is far larger. Investors will also note, correctly, that this capex is funded from the operating cash flows of some of the largest and most profitable companies ever created – not from debt, equity, and land grants that brought fragility to the dot-com era. We believe the hyperscalers will be rational with their capital. But rationality dictates erring towards overspending rather than underspending; the former risks indigestion, the latter is existential. As Alphabet CEO Sundar Pichai put it in 2024: “When we go through a curve like this, the risk of underinvesting is dramatically greater than the risk of overinvesting… not investing to be at the front here definitely has more significant downside.””
Alphabet - July 2026
“Visa’s shares are -1% (in GBP) since the start of the year, recovering from a -16% peak-to-trough drawdown, and responding to anxiety in four areas: • Agentic commerce as a disintermediation threat. If autonomous agents are to execute purchases, critics argue the card credential becomes one option among many. Google, OpenAI/Stripe, and Coinbase are all developing agent-native protocols that could theoretically route transactions outside card networks entirely.”
Alphabet - MentionedGeneration IM Global Equity StrategyJuly 2026
“Climate leadership in the age of AI Much of our climate dialogue now focuses on execution, particularly among the hyperscalers – Alphabet, Amazon and Microsoft – whose targets are under pressure from AI-driven growth in power and water demand.”
Alphabet - MentionedGuinness Global Quality Mid Cap FundJuly 2026
“Recently, Alphabet also took advantage of the strong investor sentiment in the AI space. In June, the company priced close to $85bn in equity, including a private placement with Berkshire Hathaway, weeks after having already raised nearly $32bn in bonds in February, both to help fund its AI infrastructure build-out.”
Alphabet - MentionedCDT Capital VNAV StrategyJuly 2026
“Add to the story that obscure sources of funding (mostly off-balance sheet complex debt securities) are financing the construction of data centers around the country and we have the ingredients in place for the potential for a severe credit event. To underscore this point, earlier in the month the Nikkei reported that they estimate that Meta, Oracle, Amazon, Microsoft and Alphabet (Google) collectively have $1.65T of debt that they have not yet reported on their financials.”
Alphabet - MentionedCDT Capital VNAV StrategyJuly 2026
“Add to the story that obscure sources of funding (mostly off-balance sheet complex debt securities) are financing the construction of data centers around the country and we have the ingredients in place for the potential for a severe credit event. To underscore this point, earlier in the month the Nikkei reported that they estimate that Meta, Oracle, Amazon, Microsoft and Alphabet (Google) collectively have $1.65T of debt that they have not yet reported on their financials.”
Alphabet - MentionedGuinness Global Equity Income FundJuly 2026
“Companies raise funds to invest in growth and pursue attractive returns, and management has a clear incentive to do so when valuations are elevated, since equity and debt are effectively cheaper to issue. Companies know this, which is why a broad pick-up in capital raises is often a sign that valuations have become stretched relative to underlying fundamentals. Furthermore, executives sometimes overestimate the scale of future demand, leading to a mismatch between supply and demand when supply eventually comes online later in the cycle. Recent months have offered a live illustration of this dynamic in the AI space. SpaceX completed the largest initial public offering (IPO) on record in June, raising roughly $86 billion at a valuation of $1.77 trillion. Anthropic and OpenAI have each since filed confidentially with the SEC for listings later this year, at valuations of roughly $965 billion and up to $1 trillion respectively. Alphabet has also taken advantage of this strong investor sentiment.”
Alphabet - July 2026
“Microsoft et Amazon ont toutes deux progressé de +16 % grâce à leurs activités infonuagiques. Mais la dispersion raconte sa propre histoire : Alphabet a reculé de -7 %, bien que les revenus de sa composante infonuagiques aient augmenté de 82 %. Pour sa part, Apple a chuté de -7 % à cause de la pression subie par le coût des micropuces.”
Alphabet - July 2026
“As valuations improved in high yield data centre bonds in July the Fund increased exposure to the sector with a focus on higher quality financings backed by investment grade tenants like NVIDIA and Alphabet Inc.”
Alphabet - July 2026
Named in a table in Pender Alternative Multi-Strategy Growth Fund’s letter.
Alphabet - July 2026
“Amazon, Meta, Nvidia, Google, Oracle, and SpaceX have issued approximately $182 billion in investment-grade bonds in 2026, roughly 15% of all US corporate debt issuance3.”
Alphabet - MentionedOsprey Private WealthJuly 2026
“We’ve seen signs of this recently, with Alphabet (Google) on June 1st doing a secondary offering of shares ($85 billion worth).”
Alphabet - MentionedLongriver Partners FundJuly 2026
“Alphabet has gone furthest.”
Alphabet - MentionedIronvine Capital Partners Quarterly Investor LetterJune 2026
“with the exception of Alphabet, have trailed the market so far this year2.”
Alphabet - June 2026
“led by a tensor processing unit (TPU) programme for Alphabet, with 2026 ASIC revenue guidance raised to US$2bn”
Alphabet - June 2026
“Combined AI capex: Microsoft, Alphabet, Meta, Amazon, Oracle.”
Alphabet - MentionedDeep Sail Capital PartnersJune 2026
“Current Position: Celestica (CLS) Celestica has transitioned from its legacy roots as an IBM captive manufacturer to become a design and technology integration leader within the AI and cloud infrastructure space. Celestica was founded in 1994 as a subsidiary of IBM Canada. It was subsequently acquired by PE, and then IPOed in the late 1990s. The company’s strategy from there was an acquisition model for the next two decades, acquiring various electronics and computer peripherals manufacturing and supply companies, highly tied to major OEMs like IBM, Avaya, and Lucent. At the beginning of the AI boom, the company found itself incredibly well positioned to sean@deepsailcapital.com | www.deepsailcapital.com provide specialized design, operational, and engineering services to large technology companies looking to build data centers or associated integrated rack systems. The business segments of Celestica are split into two highly specialized operational segments: Advanced Technology Solutions (ATS) and Connectivity & Cloud Solutions (CCS). Within the CCS segment, the company serves enterprise AI companies and the hyperscalers, including Google, Meta, Dell, HPE, IBM, Juniper Networks, and Oracle Corporation, among others. Within the ATS segment, Celestica supports highly complex capital equipment, aerospace, and defense programs for Tier-1 customers such as Applied Materials, Honeywell, Lam Research, and Raytheon. Its customer base has significant near-term customer concentration among hyperscalers. This is one of the main knocks on the company. In the first quarter of 2026, Celestica’s top three customers individually accounted for 35%, 15%, and 15% of total revenue, representing a collective 65% concentration. In early 2026, reports that Google intended to diversify its L10-L11 TPU server assembly orders to Taiwanese manufacturers like Inventec caused an immediate 8% decline in Celestica's share price. To mitigate this risk and further entrench the company into hyperscalers, Celestica has integrated its operations into its customers' long-term capacity roadmaps. The company expanded its domestic manufacturing capacity in the United States, scheduled for completion in 2027, to support Google’s U.S. production of complex TPU systems and secure multi-year program visibility. To be clear, Celestica is extremely tied to Google’s TPU architecture success; any investor in Celestica should be bullish on Google’s TPU systems.”
Alphabet - MentionedBrasada CM Brasada Private AccountsJune 2026
“cash flow flush hyperscalers like Amazon, Microsoft, Alphabet, and Meta.”
Alphabet - MentionedIronvine Capital Partners Quarterly Investor LetterJune 2026
“In early June, with no net debt, Google elected to raise $85 billion in equity.”
Alphabet - MentionedHarding Loevner International EquityJune 2026
“Both TSMC’s steadily growing profitability and memory makers’ rapidly surging profitability depend on demand from a handful of key customers: the companies building and operating AI data centers. Hyperscalers such as Alphabet and Amazon are widely expected to invest sums of $400 billion or more annually for the foreseeable future.”
Alphabet - June 2026
“South Korea’s Naver spent less than $1 billion on capital expenditures last year—compared with Alphabet's $91 billion— yet it has successfully deployed its own AI foundation model to improve advertising targeting and defend its leading position in Korea against its much larger global rival.”
Alphabet - June 2026
“Top 5 Holdings as of the Quarter Ended June 30, 2026 in alphabetical order Alphabet Inc. GOOGL”
Alphabet - MentionedGuinness Global Equity Income FundJune 2026
“Expected FY26 hyperscaler capex has risen from around $298bn in December 2024 to $737bn by May of this year, more than doubling as Amazon, Alphabet, Microsoft, Meta and Oracle continue to commit capital to AI compute capacity.”
Alphabet - MentionedEast72 Dynasty TrustJune 2026
“Of other companies in our universe where we have real familiarity, we failed to take advantage of opportunities in businesses as diverse as: • Alphabet +100% in FY2026;”
Alphabet - June 2026
“Consider this quarter's SpaceX IPO. As index providers rush to accommodate the newly listed company, JPMorgan estimates that tracker funds will be forced to sell approximately $90 billion worth of existing holdings to make room - including more than $15 billion of Apple and more than $10 billion of each of Microsoft and Alphabet. The sellers”
Alphabet - MentionedHarding Loevner Global Equity ADRJune 2026
“Except for Alphabet, hyperscalers lagged as investors weighed the ramifications of extraordinary capital spending.”
Alphabet - MentionedHotchkis & Wiley Value OpportunitiesJune 2026
“The big spenders are Alphabet, Amazon, Meta, Microsoft, Oracle, CoreWeave, Nebius, and SpaceX.”
Alphabet - June 2026
“The big spenders are Alphabet, Amazon, Meta, Microsoft, Oracle, CoreWeave, Nebius, and SpaceX.”
Alphabet - June 2026
“The big spenders are Alphabet, Amazon, Meta, Microsoft, Oracle, CoreWeave, Nebius, and SpaceX.”
Alphabet - June 2026
“Hyperscalers such as Alphabet and Amazon are widely expected to invest sums of $400 billion or more annually for the foreseeable future.”
Alphabet - June 2026
“Both TSMC’s steadily growing profitability and memory makers’ rapidly surging profitability depends on demand from a handful of key customers: the companies building and operating AI data centers. Hyperscalers such as Alphabet and Amazon are widely expected to invest sums of $400 billion or more annually for the foreseeable future.”
Alphabet - MentionedHosking PartnersJune 2026
“This phenomenon seems to be approaching its end, as the scale of AI building has consumed all the hyperscalers' free cash flow, leaving no room to continue buybacks. In a reversal, Alphabet and Meta have recently conducted secondary offerings to ensure they do not fall behind in the spending race.”
Alphabet - MentionedNinepoint Partners Mid‑Year OutlookJune 2026
“Credit Markets: New Issue Activity Off the Charts Turning to credit markets, 2026 has so far played out as we expected. Spreads are at multi-decade lows, while new issue activity, led by AI hyperscalers’ massive funding needs, has driven a gradual repricing wider across the U.S. investment grade corporate bond market. With the Canadian market still relatively cheap, we have seen a wave of “maple issuers” (non-domestic issuers). In May, Canada saw two hyperscalers deal with Google printing the largest corporate bond offering in Canadian history, at $8.5bn, closely followed by Amazon with another record at $14bn.”
Alphabet - MentionedWarden Capital War CapJune 2026
“Micron has only spent ~$125 billion in capex in its entire history (or at least since 1992, if ChatGPT is accurate). Or alternatively, its Archived from warcap.substack.com 2 book value is $73 billion - this is perhaps a more realistic assessment of the current 'replacement cost', if you will. Google is going to spend $185 billion this year . How hard would it be for Google to spin up a memory division? Or Amazon.”
Alphabet - MentionedBlue Whale Growth FundJune 2026
“Data as at 30.06.26 Company: Alphabet Sector: Communication Services Company Size: $4,327bn The only true full-stack leader in AI Alphabet has world-class assets critical for success in AI, spanning research, in-house chips, proprietary data and mass distribution that together create a multi-layered competitive advantage for the business.”
Alphabet - MentionedMD SASS Concentrated ValueJune 2026
“The explanation lies in the extraordinary performance of the companies supplying the AI buildout. Semiconductor, memory, and hardware providers dramatically outperformed not only the hyperscalers funding the investment, including Amazon, Microsoft, Meta, and Alphabet, but also the broader market.”
Alphabet - MentionedPacker & Co Investigator TrustJune 2026
“AI Capital Expenditure Boom (Google, Microsoft, Amazon, Meta & Oracle) Investors are on board, paying handsome prices for America’s tech giants.”
Alphabet - MentionedMassif Capital Real Assets StrategyJune 2026
“What had been understood as a commercial service, procured on ordinary vendor terms, was revealed to carry revocation risk that the provider itself could not remedy. AWS Bedrock, Google Cloud, and Microsoft Foundry were all affected at once through a compliance obligation imposed on their supplier, with no independent notice to the enterprises that had built on those foundations.”
Alphabet - MentionedTweedy, Browne Fund Inc.June 2026
“• Massive new stock issuance: SpaceX IPO, SK Hynix and Google’s recent secondary offering, and new and highly anticipated public offerings from Anthropic and Open AI.”
Alphabet - MentionedCDT Capital (CDT)June 2026
“Meta, which is supposedly creating the best AI models in the world, was recently told by Google that it would be restricting its prolific use of its AI model, Gemini (Article).”
Alphabet - MentionedSaltLight Capital Co‑Investor LetterJune 2026
“Take NVIDIA’s CUDA software moat first. We have argued in earlier letters that CUDA has held a fifteen-year advantage, with millions of developers trained and organised around it, and we are obliged to report that we hold this view rather less firmly than we once did. The painful work of porting away has begun in earnest. Google's TPUs and Amazon's Trainium chips now run inference for Anthropic at scale, and AMD has been signed for gigawatts more from next year.”
Alphabet - MentionedHorizon KineticsJune 2026
“Five companies have announced plans to spend a combined $720 billion on such expansion— Amazon ($198 billion); Microsoft ($146 billion), Alphabet ($186 billion); Meta ($132 billion); and Oracle ($56 billion). These 2026 forecasts have been revised upward by more than 25% in just five months.”
Alphabet - MentionedCambiar Investors Small Cap FundJune 2026
“The combined weight of the Technology sector and related AI stocks such as Amazon and Alphabet now comprise nearly 50% of the S&P 500 – a supposed diversified equity index.”
Alphabet - MentionedHosking Partners StrategyJune 2026
“Since the global financial crisis, US companies have been reducing the number of shares outstanding through buybacks, aided by cheap debt. This reduction of supply has been a powerful tailwind for returns and valuations. This phenomenon seems to be approaching its end, as the scale of AI building has consumed all the hyperscalers’ free cash flow, leaving no room to continue buybacks. In a reversal, Alphabet and Meta have recently conducted secondary offerings to ensure they do not fall behind in the spending race.”
Alphabet - MentionedBaron Partners FundJune 2026
“Shares rose after the company successfully completed the largest initial public offering in history, raising more than $85 billion. There were also landmark compute hosting deals totaling tens of billions of dollars annually, with customers that include Anthropic and Google.”
Alphabet - MentionedBaron Global Opportunity StrategyJune 2026
“The company has recently signed its first terrestrial data center hosting agreements with Anthropic and Google, together representing $26 billion of annualized revenue.”
Alphabet - MentionedMondrian IP Global EquityJune 2026
“Hyperscale capex continues to grow, and the investments made two years ago have, in many cases, clearly paid off. They have supported not just cloud computing growth, but also the core businesses of the hyperscalers in areas such as search and advertising. However, the scale of investment is now pushing their balance sheet and free cash flow capacity to its limits. When AI investments were solely being funded from the free cash flow of highly profitable hyperscalers, companies could sustain spending through periods of volatility. Now that investments are increasingly supported by debt and equity markets, the cycle is more sensitive to investor confidence, credit conditions, and Global Equity Investment Outlook Quarter 2, 2026 This marketing communication is for Professional Investors only. 2 valuation multiples. Alphabet’s recent $80bn equity raise is a useful example of both sides of this shift.”
Alphabet - MentionedMondrian IP International EquityJune 2026
“Alphabet’s recent $80bn equity raise is a useful example of both sides of this shift.”
Alphabet - MentionedHayden CapitalJune 2026
“Alphabet is guiding to as much as $205 billion of capex this year (LINK). Amazon, $220 billion. Meta, $130 – 145 billion. Microsoft, roughly $190 billion. Together, the large hyperscalers will spend close to $800 billion on capex in 2026 – over +80% growth y/y. The consequence is showing up in their balance sheets, as these once cash-gushing businesses are running out of free cash flow to reinvest. Capex About to Exceed Internal Cash Flow Source: Epoch AI (LINK) In Q2, Alphabet posted negative free cash flow of ~$6 billion – its first negative quarter since the 2004 IPO – as quarterly capex doubled to ~$45 billion (LINK).”
Alphabet - MentionedHamlin Capital Management Equity and High Yield Municipal Bond StrategiesJune 2026
“We think it is noteworthy that several large companies in the AI ecosystem raised capital this quarter: Google, Meta, and Oracle announced large new equity and debt issuances, and SpaceX went public in June with much fanfare.”
Alphabet - MentionedAfrican Lions FundJune 2026
“they also made the point that formerly capital-light market darlings, such as Alphabet, Meta, Microsoft, and so on, are becoming huge consumers of capital for investments in AI infrastructure.”
Alphabet - June 2026
“In a reversal, Alphabet and Meta have recently conducted secondary offerings to ensure they do not fall behind in the spending race.”
Alphabet - MentionedAegis Value FundJune 2026
“Earnings gains were driven almost entirely by the hyperscalers - Amazon, Alphabet, Microsoft and Meta - and by the companies supplying the semiconductor and AI-infrastructure build-out, including Nvidia, Broad-”
Alphabet - MentionedHennessy Midstream FundJune 2026
“Regarding power generation project development, midstream companies are taking a solutions- oriented approach to addressing rising AI power consumption needs. Hyperscalers such as Amazon, Google, and Microsoft are speeding up power generation solutions by partnering with several midstream companies to build lateral pipelines, co- located natural gas turbines, and dedicated behind- the-meter generation facilities directly at data center sites.”
Alphabet - MentionedHennessy Focus FundJune 2026
“The company has spoken about bypassing wireless carriers to sell service direct to consumers, has acquired wireless spectrum (and is likely to pursue more), and is reportedly developing its own AI device in competition with Apple, Google, Samsung and others.”
Alphabet - MentionedCopeland Capital Management Dividend GrowthJune 2026
“Over the last two decades, leading tech companies from Oracle to Microsoft to Alphabet steadily compounded free cash flow (FCF) and built huge net cash positions despite returning vast amounts to shareholders.”
Alphabet - MentionedCopeland Capital Management Dividend Growth StrategyJune 2026
“Over the last two decades, leading tech companies from Oracle to Microsoft to Alphabet steadily compounded free cash flow (FCF) and built huge net cash positions despite returning vast amounts to shareholders.”
Alphabet - MentionedMunro Climate Change Leaders FundJune 2026
“we continue to see support for the Fund’s Clean Energy and Energy Efficiency holdings from hyperscaler capex, which Google, Microsoft and others are investing in to capitalise on the increasing demand for AI.”
Alphabet - June 2026
“The top contributor to our performance during the quarter was Flex (Singapore). Management reported a strong first quarter, a robust backlog, and announced a multi-year partnership with Google.”
Alphabet - MentionedBurke Wealth Management Focused Growth StrategyJune 2026
“In early June, Google announced plans to raise $80 billion in an equity offering.”
Alphabet - MentionedDistillate Capital Multi-StrategyJune 2026
“Fully half of Alphabet’s recent $80 billion secondary share issuance is purportedly related to such payments.”
Alphabet - MentionedArgent Capital ManagementJune 2026
“In addition, the gargantuan “spend” that the hyper-scalers (such as Alphabet, Amazon, Meta and Microsoft) are willing to invest in data centers will likely negatively impact their earnings for years to come.”
Alphabet - MentionedGreenfield Seitz Capital ManagementJune 2026
“Magnificent 7 Underperforms We warned about the tech darlings swelling AI spending in our January letter, noting they were once asset light companies that are beginning to look more like industrials with heavy capex spending on semiconductors. The Magnificent 7 (Alphabet/Google, Amazon, Apple, Meta/Facebook, Microsoft, Nvidia, and Tesla) stocks are flat for 1H26, while the market is up 10%.”
Alphabet - MentionedJAG Capital ManagementJune 2026
“Figure 3. Big Five hyperscaler US bond issuance: the 2020–2024 average versus 2025 actual versus the 2026 forecast. Sources: BofA Securities via Reuters and Mellon Investments (Dec 2025); BofA Global Research 2026 forecast (Mar 2026). Big Five = Amazon, Microsoft, Alphabet, Meta, Oracle. 2020–2024 average issuance was ~$28B per year.”
Alphabet - MentionedFPA Crescent FundJune 2026
“We are also struck by the recent contracts that SpaceX signed with Google and Anthropic for scaled compute capacity immediately available at prices 2 to 5x estimates of the long- term cost, but cancelable with 90-day notice.”
Alphabet - MentionedFPA Source CapitalJune 2026
“We are also struck by the recent contracts that SpaceX signed with Google and Anthropic for scaled compute capacity immediately available at prices 2 to 5x estimates of the long-term cost, but cancelable with 90-day notice.”
Alphabet - MentionedAugustine Asset Management Global Equity & Fixed Income StrategiesJune 2026
“Alphabet (Google's parent company) launched an $85 billion offering of stock and mandatory convertible preferred in June, the largest equity raise in history.”
Alphabet - MentionedPolen 5Perspectives Large GrowthJune 2026
“The biggest shifts were decreased weight to Consumer Discretionary (largely driven by Amazon) and increased weight to Tech (Semis now account for >1/3 of the index) and Communication Services (largely driven by Alphabet).”
Alphabet - MentionedHL Global EquityMay 2026
Named in a table in HL Global Equity’s letter.
Alphabet - MentionedHennessy Japan FundMay 2026
“Compared with incumbents such as Google and Meta, OpenAI has potential advantages in targeting through direct insight into "user intent" through conversational context.”
Alphabet - MentionedProtean Funds Partner LetterApril 2026
“free software passkeys from Apple, Google and Microsoft are good enough for most organisations, and Yubico's addressable market narrows rather than expands.”
Alphabet - MentionedHennessy Japan FundApril 2026
“SoftBank Group SoftBank Group’s shares rebounded sharply this month. While we have not commented in detail on the company or developments in AI frontier models since our October 2025 commentary, the rapid shifts in the competitive landscape have prompted us to reduce our position. The environment has shifted beyond our initial expectations, and OpenAI’s prospects no longer appear unassailable as they did a year ago. Although the outlook remains mixed, it is clear that the gap between OpenAI and its closest competitors has narrowed since last summer, when we aggressively increased our exposure. Despite this adjustment, we continue to hold a stake in SoftBank Group for two primary reasons. First, the growth outlook for Arm. SoftBank retains an approximate 90% stake in Arm, the UK‑based semiconductor design company. Arm’s power‑efficient, high‑performance CPU architectures are widely utilized across fields ranging from smartphones to data centers. Demand is now being driven increasingly by the proliferation of AI agents. While GPUs have historically underpinned AI infrastructure, the growing importance of agents—where AI performs tasks on behalf of human users, ranging from reasoning and planning to web browsing, software tool operation, and decision‑making—is likely to shift demand towards CPUs, which are better suited to sequential processing. Second, the evolving competitive dynamics in AI models. Competition has intensified materially since the release of Google’s Gemini 3.0 last autumn, followed by rapid iteration in Anthropic’s Claude models.”
Alphabet - MentionedRGAIAMarch 2026
“In our Q3 commentary, we featured Google (Alphabet) as an AI stock.”
Alphabet - MentionedRGAIAMarch 2026
“In our Q3 commentary, we featured Google (Alphabet) as an AI stock.”
Alphabet - March 2026
“Despite the broad sell-off among large-cap growth stocks during the first quarter, three portfolio holdings demonstrated double-digit price appreciation – all within the semiconductor area. Consensus spend expectations for data center infrastructure continue to expand rapidly, particularly among the hyperscalers. During the first quarter of 2026, consensus estimates for 2026 and 2027 capital expenditures among Amazon (AMZN), Microsoft (MSFT), Meta (META), Alphabet (GOOGL) and Oracle(ORCL) cumulatively increased by 25% and 23% respectively, largely to support data center demand – inclusive of chips and related equipment.”
Alphabet - MentionedSaga PortfolioMarch 2026
“Why Active Management Can Make Sense A low-cost index fund is a sensible default option. It gives investors ownership of a broad cross-section of productive businesses while helping them avoid many of the errors that plague active management. That matters because wealth creation in markets is highly uneven: a small number of companies account for a very large share of long-term returns, while most stocks underperform the market and many produce negative lifetime returns. Indexing ensures investors own the next Apple, Amazon, or Google before the market fully reflects the value those businesses will ultimately create,”
Alphabet
Fund coverage · 40 theses
- Bronte Capital Amalthea FundJuly 2026
Alphabet is seen as a highly capable company pivoting aggressively into AI, but with an existential threat to its search business.
Read the full thesis - Lakehouse Capital Global Growth FundJuly 2026
Alphabet is a core holding because its integrated AI stack and ongoing reinvestment position it to benefit from AI adoption over the long term.
Read the full thesis Alphabet Inc is held for its high-quality exposure to AI infrastructure growth, durable market position, strong free cash flow, and secular upside.
Read the full thesis- Vulcan Value Partners Quarterly FundJune 2026
Alphabet is benefiting from accelerating Search and Cloud growth, expanding Cloud margins, and AI-driven demand for enterprise offerings.
Read the full thesis Alphabet is using AI to accelerate cloud growth, expand margins, and support long-term earnings compounding.
Read the full thesis- AGT PartnersJune 2026
Alphabet can turn AI into a moat-enhancing growth driver across Search, YouTube, Cloud, and subscriptions, supported by strong Cloud momentum and disciplined long-term investment.
Read the full thesis - Liontrust Global Technology FundJune 2026
Alphabet is held because Google Cloud is accelerating with contracted demand and the company controls both custom silicon and a frontier model.
Read the full thesis - Andrew Hill AHIA Portfolio StrategyJune 2026
Alphabet dominates search, is embedding generative AI across its ecosystem, and should benefit from digital growth and product expansion.
Read the full thesis - Aristotle Value Equity StrategyJune 2026
Alphabet operates Google and YouTube, and its resilient search, cloud, and video ecosystem plus durable competitive advantages support long-term value creation.
Read the full thesis Alphabet combines resilient Search, AI-driven Cloud demand, and durable growth drivers that support attractive long-term earnings growth.
Read the full thesis- Cambiar Investors Opportunity FundJune 2026
Alphabet is reaccelerating core search growth, monetizing AI capacity quickly, and generating strong cash flow despite heavy AI investment.
Read the full thesis - MayTech Global Investments Global Growth StrategyJune 2026
Alphabet is using AI to strengthen Search, YouTube, and Google Cloud while improving its competitive position.
Read the full thesis - Baron Technology ETFJune 2026
Alphabet Inc. is a highly integrated AI and cloud leader with massive cash flow, custom silicon, and compounding growth drivers.
Read the full thesis - AGT Partners FundJune 2026
Alphabet can use AI to extend its moat across Search, YouTube, Cloud and subscriptions while still showing strong operating momentum.
Read the full thesis - Baron Global Durable Advantage ETFJune 2026
Alphabet is a vertically integrated AI leader with strong cloud growth, a resilient search franchise, and durable competitive advantages.
Read the full thesis - Baron Opportunity FundJune 2026
Alphabet Inc. combines dominant search, cloud, and AI capabilities with vertical integration and strong cash generation.
Read the full thesis - Blue Whale Growth FundJune 2026
Alphabet is positioned as a full-stack AI leader with multiple competitive advantages and growing earnings contribution from GCP.
Read the full thesis - Bronte Capital Amalthea FundJune 2026
Alphabet is held despite search disruption because management is highly capable, the company is aggressively pivoting into AI, and the investment case hinges on whether it can replace its legacy ad business with superintelligence-driven returns.
Read the full thesis Alphabet Inc is growing its core search and AI businesses, while Google Cloud is scaling profitably with a large backlog.
Read the full thesis- Baron Global Opportunity StrategyJune 2026
Alphabet Inc. owns Google’s global products and benefits from one of the most attractive advertising and distribution business models in technology.
Read the full thesis - Baron Opportunity FundMarch 2026
Alphabet is a highly integrated AI and digital advertising franchise with unmatched distribution, proprietary data, and attractive valuation.
Read the full thesis - Alpha Wealth FundsMarch 2026
Alphabet is a dominant technology conglomerate with multiple moats and optionality from AI, health moonshots, Waymo, quantum, and SpaceX investments.
Read the full thesis - Baron Technology ETFMarch 2026
Alphabet Inc. combines unmatched distribution, proprietary AI models and chips, and accelerating cloud growth to compete across AI layers at an attractive valuation.
Read the full thesis - Jensen Quality Growth Equity CompositeDecember 2025
Alphabet is well positioned across the AI stack, with resilient ads and improving Cloud leverage underpinning durable, cash-generative growth.
Read the full thesis - Artisan Global Value StrategyDecember 2025
Alphabet is a full-stack AI and search leader with strong cloud traction, healthy core growth, and positioning supported by a manageable valuation and reduced regulatory risk.
Read the full thesis - Sequoia FundDecember 2025
Alphabet is leveraging leading AI models and vertical integration to reinforce Search, accelerate Cloud, and monetize TPUs, supporting teens-level revenue growth at a justified premium.
Read the full thesis - Munro Global Growth FundDecember 2025
Alphabet Inc. is a vertically integrated AI and cloud leader leveraging Gemini and proprietary TPUs to drive growth across Search, YouTube, and Google Cloud.
Read the full thesis - Mar Vista US Quality PremierDecember 2025
Alphabet is leveraging an AI-first strategy and strong Cloud momentum to drive high-teens EPS growth and support a premium multiple.
Read the full thesis - Pershing SquareDecember 2025
Alphabet Inc. is leveraging data, distribution, and infrastructure to drive AI-led growth in Search, YouTube, and Google Cloud.
Read the full thesis - Orbis Global EquityDecember 2025
Alphabet Inc. is a dominant search and AI platform with synergistic data assets, vertical integration, and attractive long-term upside that justified its reintroduction to the portfolio.
Read the full thesis - Munro Global Growth FundSeptember 2025
Alphabet is a vertically integrated tech leader with strong AI, cloud and search franchises poised to double earnings.
Read the full thesis - LRT Capital ManagementJune 2025
Alphabet commands a near-insurmountable competitive moat through its dominant digital ecosystem—anchored by Google Search, YouTube, and Android—while leveraging unrivaled data, infrastructure, and innovation to drive industry-leading profitability and long-term growth across advertising, cloud, and emerging technologies.
Read the full thesis - Covesto Patient CapitalMarch 2025
Alphabet (GOOG) is a leading search and advertising company facing challenges in AI-driven search advancements while experiencing growth in its Cloud and Waymo divisions.
Read the full thesis - Aristotle Global EquityMarch 2025
Alphabet trades under 12x normalized earnings while scaling Cloud and YouTube—offering dominant moats, huge cash flow, and free AI upside.
Read the full thesis - Arar fundMarch 2025
Alphabet Inc. is a strong player with significant growth potential in AI, particularly through Waymo, but growing competition in search and geopolitical uncertainties led us to recently sell our position despite its undervaluation.
Read the full thesis - Middle Coast InvestingMarch 2025
Alphabet is an attractive investment due to its competitive positioning in tech, reasonable valuation, potential benefits from regulatory changes, and relatively better exposure to market challenges compared to its peers.
Read the full thesis - Lindsell Train Global Equity FundMarch 2025
Alphabet is an undervalued, dominant player in the search and digital advertising markets, with robust revenue growth, strong competitive advantages, and significant long-term potential despite facing certain risks.
Read the full thesis - Hinde GroupMarch 2025
Alphabet is well-positioned to navigate the impacts of Trump's trade war, facing manageable revenue growth headwinds while continuing to generate substantial profits and strong cash flow.
Read the full thesis - Loomis Sayles Global Growth FundDecember 2024
Alphabet is positioned for long-term growth due to its dominant market share driven by consumer preference, robust competitive advantages, and a compelling investment opportunity despite regulatory challenges.
Read the full thesis - Merion Road CapitalDecember 2024
Alphabet is well-positioned for future growth with its strong business fundamentals, advancements in AI and cloud services, and potential in autonomous driving and quantum computing.
Read the full thesis
Read every full thesis on Alphabet
Unlock all 40 theses — the full reasoning behind what funds are buying, plus unlimited access to the entire archive.
View plans→Share this ledger