What smart money is saying about Alphabet
GOOGL · Communication Services · Internet Content & Information · Market cap $3952.07B
49 funds in our archive have pitched Alphabet, most recently Broyhill Equity Composite in September 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.
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Fund signal · last 12 months
217 lettersFunds are split between buying and selling
−4
Net flow
29 buys · 11 new positions · 47%33 sells · 5 full exits
Moves described in fund letters in our archive. A sentence published word for word by several funds of one house in the same quarter counts once.
Position history
Between Q4 2024 and Q4 2026, 242 fund letters reported a position in Alphabet, with 31 buys (opened or added) and 35 sells (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q4 2026 | 4 | 0 | 0 | 0 |
| Q3 2026 | 81 | 12 | 8 | 6 |
| Q2 2026 | 102 | 16 | 17 | 17 |
| Q1 2026 | 13 | 0 | 3 | 3 |
| Q4 2025 | 18 | 1 | 5 | 7 |
| Q3 2025 | 12 | 1 | 1 | 6 |
| Q2 2025 | 4 | 0 | 1 | 2 |
| Q1 2025 | 6 | 1 | 0 | 6 |
Showing the 8 most recent quarters of 9 on record. Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 243 positions · 72 moves
- HoldsAcatisOctober 2026
“The fund fell by 3.3% in September. Rising interest rates and higher risk pre- miums weighed on the bond side. On the equity side, TSMC (+12.6%) continued to benefit from strong AI demand; August revenue was 53% above the previous year. Infineon (+4.9%) was newly added to the portfolio. With the sale of the NOR flash business for USD 1.12 billion, the company is focusing more strongly on structural growth areas such as power semiconductors and AI data centers. Alphabet (+3.8%) impressed with its strong position in the AI competition.”
Alphabet - HoldsBlueBox Global Technology FundOctober 2026
Listed in BlueBox Global Technology Fund’s reported holdings.
Alphabet - October 2026
Listed in Pender Alternative Absolute Return Fund’s reported holdings.
Alphabet - October 2026
“Ten Largest Holdings (Alphabetical Order) – 58% of portfolio value • Disney • Ecolab • Ferguson • Games Workshop plc • Howden Joinery plc • Jack Henry • Nintendo • Old Dominion Freight Line • Tyler Technologies • Watsco Cash position: 8.9%”
Alphabet - HoldsCorbyn Investment Management Investment StrategiesSeptember 2026
“We continue to believe demand will remain robust, supported by unprecedented capital commitments from hyperscalers such as Alphabet, Microsoft, Amazon, and Meta to expand computing capacity in support of advancements in artificial intelligence.”
Alphabet - September 2026
“Portfolio Activity It was a fairly light month in terms of activity. The fund added a short-dated Google holding (AA rated, at front end of US curve to oppose market pricing of hikes).”
Alphabet - September 2026
Listed in Royal London AM Global Equity Enhanced Fund’s reported holdings.
Alphabet - September 2026
Listed in Kavaljer Investmentbolagsfond’s reported holdings.
Alphabet - New positionVision Capital FundSeptember 2026
“We added a new position in Alphabet (GOOGL) this quarter (see memo).”
Alphabet - September 2026
“In July and August, there were tentative signs of improved Fund performance, with both months registering positive absolute returns and outperformance versus the benchmark index. The better performance was supported, if not endorsed, by a large majority of the Fund’s investee companies posting encouraging quarterly or full year results, exhibiting growing revenues and profits – some in excess of the market’s expectations. This included Disney, Alphabet, Heineken, SAP, London Stock Exchange Group (LSEG), Mondelez, Unilever, RELX, Shiseido and TKO.”
Alphabet - September 2026
“C ountry We ig ht ( %) Indus try C ommunic a tion S e rvic e s 7.6 Alphabet Inc. United States 3.9 Interactive Media & Services”
Alphabet - September 2026
“Selection Security selection was positive during the quarter, adding approximately 17 basis points relative to the reference index. Cloud Software Group was the largest positive contributor, adding around 6 basis points, while Standard Chartered added a similar amount. Bupa, Ardonagh and Royal London also contributed positively. The largest detractor was Alphabet, at around 4bps, followed by smaller negatives from SoftBank Group (which we have now sold), BNP Paribas (which we have also sold) and Segro.”
Alphabet - September 2026
“At the issuer level, Cloud Software Group was the strongest positive contributor to security selection, adding around 6bps. Bank of Montreal and Smurfit Kappa each added approximately 2-3bps. Alphabet and WP Carey were the largest security-selection detractors, costing around 3 and 2.5bps, respectively.”
Alphabet - HoldsBlueBox Global Technology FundSeptember 2026
Listed in BlueBox Global Technology Fund’s reported holdings.
Alphabet - September 2026
“Alphabet Inc. United States 6.5 Interactive Media & Services”
Alphabet - September 2026
“Alphabet Inc.”
Alphabet - HoldsOakmark Bond FundSeptember 2026
“We own bonds issued by five companies in this cohort: Meta, Alphabet, Amazon, Oracle, and SpaceX.”
Alphabet - New positionDiamond Hill Large Cap Concentrated ETFSeptember 2026
“We initiated a position in global technology company Alphabet as we believe AI is strengthening its core search and advertising business as well as several other products.”
Alphabet - September 2026
“Twenty billion dollars is a powerful incentive. That is the amount by which Amazon recently increased its expected capital expenditure for 2026 – from $200bn to $220bn, with rising memory chip costs explicitly identified as driving that increase. More broadly, the four hyperscalers in the Global Alpha portfolio – Amazon, Microsoft, Meta and Alphabet – are collectively expected to spend more than $700bn this year, much of it on AI infrastructure.”
Alphabet - September 2026
“Upslope also effectively exited Alphabet (GOOGL, Google parent company) due to full valuation and Upslope’s (portfolio hedge) thesis having played out.”
Alphabet - September 2026
“A more useful question for us is whether the gap between capability and control is widening or narrowing as these systems improve. As investors in Anthropic and OpenAI through our private company portfolios and in Alphabet, Meta, Amazon and other holdings in this portfolio, we welcome greater independent scrutiny and take seriously the responsibility of the companies developing the technology.”
Alphabet - September 2026
“Where the market narrative looks too pessimistic and the evidence remains strong, we want to act. And that's why we added to Amadeus and Intuit earlier in the year. And it's why we also added to Alphabet earlier in the year, as the debate around its AI investments intensified.”
Alphabet - September 2026
“And it's why we also added to Alphabet earlier in the year, as the debate around its AI investments intensified.”
Alphabet - September 2026
“Lastly, our portfolio positions in Alphabet, Amazon, Meta, and Microsoft collectively are driving higher, more consistent employee productivity in the emerging AI age.”
Alphabet - September 2026
Listed in Jensen Quality Growth Equity Composite’s reported holdings.
Alphabet - September 2026
“Since then, other neoclouds share prices (and their credit spreads) have suffered, most notably Coreweave which fell around 30% over the subsequent two weeks. In case you hadn’t noticed, we remain very sceptical about investing in direct AI businesses (yet we appreciate businesses adopting AI to improve efficiencies). Our most direct AI investments are Alphabet, Amazon and Alibaba.”
Alphabet - September 2026
Listed in Platinium AM Platinum Asia Fund’s reported holdings.
Alphabet - HoldsAugustine Asset Management Quarterly FundSeptember 2026
“The surge in spending for artificial intelligence capacity and how companies account for it is flattering both earnings growth and balance sheets. Rising valuations of private stakes in AI firms held by large technology companies are flowing through reported earnings. Markups added $98 billion to Alphabet's second-quarter earnings and represented the vast majority of headline earnings growth.”
Alphabet - September 2026
“Industrials was the largest detractor, reflecting both allocation and investment selection, with weakness across Rentokil, GE Aerospace and Siemens Energy. Communication Services also detracted, driven by Alphabet.”
Alphabet - September 2026
“Alphabet, Inc* 8.2”
Alphabet - September 2026
“Year-to-date, the Strategy’s outperformance has been driven by stock selection within the Information Technology sector. Three holdings – Marvell Technology, Inc, Datadog, Inc, and Palo Alto Networks, Inc – are all up roughly 100% or more for the year. We wrote at length about all three in our second quarter commentary as each stock more than doubled over that period. During the third quarter, Marvell Technology, Inc announced that it entered into an expanding commercial agreement with Alphabet Inc., related to its custom silicon tied to the customer’s TPU ecosystem.”
Alphabet - New positionDiamond Hill Large Cap FundSeptember 2026
“• We initiated a position in a global technology company Alphabet as we believe AI is strengthening its core search and advertising business as well as several other products.”
Alphabet - September 2026
“TOP 10 EQUITY HOLDINGS TOP 10 HOLDINGS % OF PORTFOLIO Microsoft Corporation 8.4 Alphabet Inc. Class C 6.8”
Alphabet - New positionBroyhill Equity CompositeSeptember 2026
“We initiated one position during the quarter in Alphabet”
Alphabet - September 2026
“The better performance was supported, if not endorsed, by a large majority of the Fund’s investee companies posting encouraging quarterly or full year results, exhibiting growing revenues and profits – some in excess of the market’s expectations. This included Disney, Alphabet, Mondelez and TKO.”
Alphabet - September 2026
Listed in Artisan Partners Global Equity Strategy’s reported holdings.
Alphabet - September 2026
“ Communication Services remains a modest relative underweight, driven primarily by Alphabet’s combined weight in the benchmark. Alphabet’s two share classes represented approximately 10.7% of the Russell 1000® Growth Index at quarter-end. The portfolio continues to own Alphabet (GOOG), Meta Platforms Inc (META), Spotify Technology SA (SPOT), and Netflix Inc (NFLX).”
Alphabet - September 2026
“Additionally, Alphabet and Meta were opportunistic 4 purchases created by their apparent AI model capability lag, but that we believe are better able to both use and develop AI given their advertising muscle, more than that that muscle is vulnerable to AIs development.”
Alphabet - September 2026
Listed in Artisan Partners Global Equity Fund’s reported holdings.
Alphabet - New positionThe London Company Income EquitySeptember 2026
“We initiated positions in the company’s convertible preferred shares (GOOGM/GOOGN), issued as part of the company's AI infrastructure capital raise.”
Alphabet - HoldsBretton FundSeptember 2026
Listed in Bretton Fund’s reported holdings.
Alphabet - September 2026
“Our investment mandate is capital preservation and the pursuit of attractive absolute returns. While we maintain a core holding in Alphabet (GOOG)—which combines impressive AI assets with a durable moat and an undemanding valuation—we see little elsewhere in the pure-play AI complex that meets our criteria.”
Alphabet - AddedFairtree Asset Management Global Equity FundSeptember 2026
“Notable portfolio activity during the quarter was focused on adding to high-conviction technology and AI positions, while broadening the portfolio outside technology. On the buy side, the largest addition was to SK Hynix, as the Fund rotated its memory exposure out of Micron Technology, alongside top-ups to Alphabet, Broadcom and Nvidia.”
Alphabet - September 2026
“Alphabet Inc. Class A 6.01”
Alphabet - September 2026
Listed in Royal London AM Global Equity Diversified Fund’s reported holdings.
Alphabet - September 2026
Listed in Buffalo funds Growth & Income Fund’s reported holdings.
Alphabet - September 2026
Listed in Royal London AM US Equity Trust’s reported holdings.
Alphabet - September 2026
“Top 10 holdings Weighting (%) NVIDIA Corporation 8.62 Apple Inc. 7.47 Alphabet Inc. Class A 6.95 Microsoft Corporation 5.89 Amazon.com, Inc.”
Alphabet - September 2026
Listed in Royal London AM RLPPC UK Long Corporate Bond Fund’s reported holdings.
Alphabet - HoldsFPA Crescent FundSeptember 2026
“Alphabet benefited from continued strength across its core businesses and increasing investor confidence in its positioning in AI.”
Alphabet - HoldsRight Tail CapitalSeptember 2026
“How this relates to our investments Many of the companies we own continue to grow earnings and I expect will continue to create value. Their competitive advantages have not disappeared simply because artificial intelligence has captured investors’ attention. At the same time, several are not viewed as obvious AI beneficiaries, and some could eventually face real disruption. Meanwhile, much of stock market performance has come from companies perceived as direct beneficiaries of AI. Our direct exposure to those businesses beyond Alphabet has been relatively limited.”
Alphabet - HoldsAGT PartnersSeptember 2026
“We continue to own a good mix of great businesses in our portfolio, including but not limited to (DBS, Tencent, TSMC, Microsoft, Alphabet, CNOOC, Sheng Siong etc.)”
Alphabet - September 2026
“we elected to manage our position sizes and took profits in ACI Worldwide, Alphabet and Perimeter Solutions, offset by harvesting losses in CoStar Group and Accenture.”
Alphabet - September 2026
“Alphabet’s stock treaded water but finished the quarter down less than 5%, while HEICO rounded out the detractors list as aerospace stocks fell out of favor.”
Alphabet - September 2026
“During the quarter, we followed through on our plan to add information technology exposure after FTSE Russell's June reconstitution brought several mega-cap technology companies into the Russell 1000 Value Index. We built a position in Apple and added to Microsoft, narrowing the fund's underweight in the sector, while reducing exposure to semiconductor and semiconductor equipment stocks. We also added to Amazon and exited Alphabet, which left the benchmark at the reconstitution.”
Alphabet - September 2026
“Alphabet returned from the watchlist in August: Google Cloud's acceleration to 82% growth, on a backlog of $514 billion, is the clearest evidence yet that its AI investment is earning attractive returns, and in our view consensus estimates for cloud remain too low.”
Alphabet - September 2026
“Alphabet returned from the watchlist in August: Google Cloud's acceleration to 82% growth, on a backlog of $514 billion, is the clearest evidence yet that its AI investment is earning attractive returns, and in our view consensus estimates for cloud remain too low.”
Alphabet - HoldsBuffalo Growth FundSeptember 2026
“TOP 10 HOLDINGS (%)* NVIDIA Corporation 12.12 Alphabet, Inc. 11.29 Apple, Inc.”
Alphabet - September 2026
Listed in Buffalo funds Blue Chip Growth Fund’s reported holdings.
Alphabet - HoldsCopeland Capital ManagementSeptember 2026
“| As of September 30, 2026, certain accounts managed by Copeland held securiƟes of Alphabet Inc.”
Alphabet - HoldsCopelandSeptember 2026
“As of September 30, 2026, certain accounts managed by Copeland held securiƟes of Alphabet Inc.”
Alphabet - September 2026
“Top 10 holdings Weighting (%) Alphabet Inc. Class A 6.31 NVIDIA Corporation 3.54 Apple Inc.”
Alphabet - September 2026
“Over the period we bought sterling-denominated and US dollar new issues by US companies Amazon, the global e-commerce platform, which came to market twice over the quarter, issuing in multiple currencies and maturities, at attractive levels given the continuing strength of the issuer’s balance sheet. In the secondary market, we picked up sterling-denominated long-dated Alphabet bonds, which had widened due to wider industry concerns despite its clear sector leadership, at attractive spread levels.”
Alphabet - HoldsNakano World Growth FundSeptember 2026
Listed in Nakano World Growth Fund’s reported holdings.
Alphabet - September 2026
“We have exited six stub positions during the quarter – Alphabet, Adyen, InPost, Afya, INNIO, and Taboola.com.”
Alphabet - 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 - HoldsGoodHaven FundJuly 2026
“Our second biggest dollar gainer in the period was Alphabet.”
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
“Top contributor Alphabet was the top contributor during the quar- ter.”
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- June 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 - June 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 - June 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 - June 2026
“The hyperscalers deserve our attention too, but our enthusiasm there has tilted more clearly towards Amazon and Alphabet, where development of their own chips is beginning to establish a cost advantage.”
Alphabet - TrimmedAcción GlobalJune 2026
“Tesla, Alphabet and ASML have been some of the positions we have chosen to partially reduce their weight in the portfolio”
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 - April 2026
“This was largely funded through trimming some existing exposures such as mega cap technology stocks which have performed well, including Broadcom, Amazon and Alphabet.”
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 - TrimmedAlluvium Global FundMarch 2026
“On the sell side, we divested almost two thirds of our LyondellBasell investment, and a meaningful amount of Alphabet.”
Alphabet - TrimmedArtemis US Select FundMarch 2026
“Activity We sold our position in Microsoft and reduced our positions in Amazon and Alphabet, reflecting our view that there are more attractive opportunities elsewhere.”
Alphabet - March 2026
“Sales By significantly reducing our holdings in Microsoft, Amazon and Alphabet, we have continued to reduce the fund's exposure to the Magnificent Seven stocks.”
Alphabet - HoldsKNA CapitalFebruary 2026
Listed in KNA Capital’s reported holdings.
Alphabet - HoldsClipper FundDecember 2025
“Meta and Alphabet are two examples of companies we own that have these ingredients.”
Alphabet - AddedOrbis Global EquityDecember 2025
“Sharp-eyed followers will have noticed the reintroduction of Alphabet to the portfolio.”
Alphabet - HoldsThe Ithaka GroupDecember 2025
“Alphabet Inc. (GOOG) Alphabet is a global technology company that currently operates 9 products that have over 1B monthly active users.”
Alphabet - TrimmedDavis Opportunity FundDecember 2025
“Representative holdings in this category include Meta Platforms, Alphabet and Amazon.com.”
Alphabet - December 2025
“Alphabet shares rose on accelerating paid clicks supported by AI functionality, further boosted by strong performance from its Gemini 3 model, which runs on its vertically integrated TPU-based architecture.”
Alphabet - December 2025
“The fund outperformed the benchmark over the quarter. This was driven almost entirely by stock selection, especially within the communication services and information technology sectors. The fund’s largest active position, Alphabet, contributed strongly to performance as the market continued to appreciate its differentiated positioning in AI, while shares of Micron Technology and Samsung Electronics further benefitted from an AI-induced tight semiconductor memory market.”
Alphabet - HoldsMar Vista US QualityDecember 2025
“Alphabet Inc. (GOOG), Johnson & Johnson (JNJ), and Danaher Corp. (DHR) were among the portfolio’s top contributors for the quarter, appreciating +28.93%, +12.31%, and +15.62%, respectively. Alternatively, Oracle Corp. (ORCL), Microsoft Corp. (MSFT), and Linde plc (LIN) detracted from performance, declining -30.58%, -6.45%, and -9.90%, respectively. Alphabet’s (GOOG) Q4 performance marks a significant triumph, characterized by a rare “beat and raise” narrative across all critical business segments.”
Alphabet - ExitedPlatinium Asset ManagementDecember 2025
“Portfolio positioning and the year ahead Over the past year we exited Alphabet and Meta on concerns that earnings growth will slow due to increased AI datacentre investments.”
Alphabet - December 2025
Listed in Royal London Global Equity Transitions Fund’s reported holdings.
Alphabet - HoldsCreek Drive Capital ManagementDecember 2025
“The arbitrage and opportunistic book also performed well over the year, contributing approximately one-third of total gross returns. Activity was spread across a range of structures, including single-name catalyst shorts, merger arbitrage, and both long- and short-volatility positions. A notable contributor was the Core Scientific / CoreWeave merger arbitrage and subsequent trading around the unlock, which added approximately +550 basis points to portfolio performance. In addition, a long-volatility position in Alphabet, driven by AI-related repricing dynamics, contributed approximately +630 basis points.”
Alphabet - December 2025
“Top Quarterly Contributors Applied Materials, which supplies semiconductor manufacturing equipment, outperformed as optimism around AI-driven semiconductor capital spending persisted, supported by improving prospects at key customers such as Intel. Alphabet posted strong performance in the quarter as resilient revenues for its search business, improving growth in its cloud segment and renewed confidence in its vertically integrated AI strategy lifted investor sentiment.”
Alphabet - December 2025
“We also took some profits in Google owner Alphabet, and Hoya, the Japanese optical healthcare company.”
Alphabet - December 2025
“The top individual absolute contributors to Global Growth’s results were Alphabet, Intuitive Surgical, Galderma, Titan, and Taiwan Semiconductor. Alphabet’s recent results and product launches have reshaped its AI narrative.”
Alphabet - December 2025
“Alphabet Inc. (GOOG), Mettler-Toledo International Inc. (MTD), and Apple Inc. (AAPL) were among the portfolio’s top contributors for the quarter, appreciating +28.93%, +13.57%, and +6.87%, respectively. Alternatively, Oracle Corp. (ORCL), Meta Platforms, Inc. (META) and Microsoft Corp. (MSFT) detracted from performance, declining -30.58%, -10.04%, and -6.45%, respectively. Alphabet’s (GOOG) Q4 performance marks a significant triumph, characterized by a rare “beat and raise” narrative across all critical business segments.”
Alphabet - TrimmedDavenportDecember 2025
“Alphabet Inc. (GOOG) was the strategy’s top performer for the period as the stock benefitted from a narrative shift that moved the company from the “AI loser” category over to the “AI winner” bucket. We elected to trim the position as the stock reached all-time highs.”
Alphabet - TrimmedThe GoodHaven FundDecember 2025
“Having said that, we did something uncharacteristic and reduced our position in Alphabet in the period, in effect taking profits amounting to approximately two times our entire original cost, while Alphabet remains a material holding.”
Alphabet - December 2025
“Alphabet was a key positive contributor to performance following positive results, which helped investors to better appreciate its differentiated positioning in AI.”
Alphabet - October 2025
Listed in TAMIM Global Equities High Conviction 1025’s reported holdings.
Alphabet - September 2025
“For the third quarter our top five contributors to performance (based upon price change and position size) were NVIDIA, Alphabet, Broadcom, Apple and GE Aerospace.”
Alphabet - September 2025
“To be clear, we are believers in the transformational potential of AI. Many of our portfolio holdings are at the forefront of AI innovation and are investing at scale in this new technology. For example, Alphabet and Meta have developed state-of- the-art AI models.”
Alphabet - September 2025
Listed in RiverPark Next Century Large Growth Fund’s reported holdings.
Alphabet - HoldsAMG Yackman FundSeptember 2025
“Alphabet has participated in the AI frenzy despite the longer-term risks to its advertising revenue.”
Alphabet - September 2025
“It includes massive internal reinvestment engines like Alphabet and Amazon, which provide direct exposure to AI by deploying significant capital into their proprietary infrastructure.”
Alphabet - September 2025
“Portfolio Positioning Performance of the Strategy over the past 18 months has been below our expectations, and we have made concerted efforts this year to address the challenges. First has been our neutralization of the powerful “AI trade,” which has driven violent but narrow outperformance for a select number of momentum stocks since the beginning of 2024. We initiated positions in Taiwan Semiconductor and Amazon.com this quarter, while increasing our position in Alphabet, which both reduced our overall portfolio tracking error back to historical ranges and neutralized our unintentional underweight to “AI” stocks.”
Alphabet - September 2025
“The Fund added new positions in WEC Energy Group (WEC) and Amazon (AMZN), while it trimmed existing positions in Alphabet (GOOG) and US Bank (USB).”
Alphabet - September 2025
“Although the market showed some signs of broadening in the third quarter, performance continued to be dominated by a handful of mega-cap technology companies. The so-called Magnificent Seven—Apple (AAPL), Microsoft, Alphabet (GOOG), Amazon (AMZN), Meta (META), NVIDIA (NVDA), and Tesla (TSLA)—now represent more than 35% of the S&P 500’s total market capitalization and accounted for over half of the Index’s return.”
Alphabet - September 2025
“Shares of Alphabet Inc. (GOOG; 6.33%**) moved higher after a U.S. District Court Judge delivered a decision regarding in the remedies phase of the trial that Google violated Section 2 of the Sherman Act by maintaining monopolies specifically in general search services and general search text ads.”
Alphabet - September 2025
“• Alphabet also finished higher over the quarter following strong sentiment towards the US technology sector.”
Alphabet - September 2025
“Alphabet: GOOG was our top contributor in the quarter, benefiting from accelerating momentum in its core Search and YouTube franchises and renewed investor enthusiasm around its AI initiatives.”
Alphabet - August 2025
“The top three absolute contributors to the Fund’s performance in August were TKO, Alphabet and American Express, and the top three absolute detractors were Oracle, Intuit and CME Group.”
Alphabet - HoldsRS Global StrategyJune 2025
“Alphabet Inc. Class C 2.48”
Alphabet - TrimmedDavis New York Venture FundJune 2025
“Technology: Resilient, Reasonably- Priced Growth Technology, broadly defined, makes up the portfolio’s next largest theme. As with financials, the term technology covers a broad range of companies with diverse types of business models. Within the tech universe, we focus on a select few companies that combine proven long-term growth with reasonable valuations. This valuation discipline has led us to avoid many of the market darlings that have driven the S&P 500 Index in recent years, including most of the so-called Magnificent Seven tech darlings that today represent an unprecedented concentration of almost 35% of the S&P 500 Index’s market capitalization.9 9. The Magnificent Seven consists of Alphabet, Amazon, Apple, Meta Platforms, Microsoft, Nvidia, and Tesla. Fig. 8: Four Investment Themes with Long Tailwinds Financials Misunderstood Durability Tech Resilient, Reasonably- Priced Growth Healthcare Durability vs. Speculation Industrials Resilient, Non- Linear Growth • Enhanced level of capital • Cheap, underestimated • Industries include: – Non-financial financials – Mega banks – Consumer finance • Focus on valuation • Stalwarts vs. darlings • Global reach can help offset inflation • Industries include: – E-commerce – Cloud – Online search – Social media – Semiconductors • Driven by demographics • Services and generics • Pharma and biotech have big single drug risk • Electrification • Energy efficiency DNYVF | SEMI-ANNUAL REVIEW [ 11 ] In fact, while others have been piling into companies like Meta and Alphabet, which we have owned for many years, we have used their recent outperformance as an opportunity to significantly reduce our positions in these excellent, but richly valued, companies.”
Alphabet - June 2025
“Sector % of Portfolio Holding % of Portfolio Technology 58.02% Apple Inc. 10.99% Health Care 8.76% Microsoft Corporation 10.85% Producer Durables 3.31% NVIDIA Corporation 10.56% Consumer Discretionary 19.67% Meta Platforms Inc. Class A 5.99% Financial Services 8.63% Amazon.com, Inc. 5.32% Materials & Processing 0.52% Alphabet Inc. Class C 5.18%”
Alphabet - HoldsMSA CapitalJune 2025
“I estimate that the theoretical fund price would now be around 350 euros – compared to the 260 euros actually achieved. Numerous positions from the initial portfolio have since multiplied in value: CHAPTERS Group (14x), Microsoft (12x), Amazon (10x), Alphabet (6x), Moltiply (6x).”
Alphabet - March 2025
“Top 10 Holdings Company Sector Geography Weight Microsoft Corporation Information Technology US 5.8% NVIDIA Corporation Information Technology US 5.3% Alphabet Inc. Communication Services US 5.0%”
Alphabet - March 2025
“We added to both positions, taking advantage of what we view as short-term weakness as Alphabet missed high expectations for cloud revenue growth in its latest quarter, while Tesla worked through negative sentiment over CEO Elon Musk’s role in the Trump administration.”
Alphabet - March 2025
“Most technology related companies suffered, with Accenture, Adobe, Alphabet, ASML, Gartner, and Microsoft all falling in the teens.”
Alphabet - HoldsVulcan VPMarch 2025
“There were five material detractors: Salesforce Inc., Amazon. com Inc., Microsoft Corp., Alphabet Inc., and Skyworks Solutions Inc.”
Alphabet - March 2025
Listed in Macquarie Large Cap Growth Fund’s reported holdings.
Alphabet - HoldsCovesto Patient CapitalMarch 2025
Listed in Covesto Patient Capital’s reported holdings.
Alphabet - December 2024
“We saw strong share price performance in other portfolio companies. Alphabet Inc. and Microsoft participated in the artificial intelligence (AI) euphoria in the market, and they importantly produced strong underlying company performance.”
Alphabet - HoldsAMG Renaissance Large Cap Growth FundDecember 2024
“Alphabet Inc, Class A 2.40”
Alphabet
Also mentioned · 141
These funds discuss Alphabet as a competitor, benchmark or comparable, without disclosing a position in it.
- MentionedBeck Mack & OliverOctober 2026
“The large “hyperscalers”—companies that provide computing capacity, such as Google, Amazon, Microsoft, Meta, Oracle, and SpaceX—have collectively issued nearly $250 billion of corporate bonds thus far this year,”
Alphabet - MentionedGeneration IM Global Equity StrategyOctober 2026
“THE MANIC RUSH Case study of AI capital expenditure The artificial intelligence boom may be the biggest surge in capital expenditure on record. Big tech ‘hyperscaler’ companies such as Amazon and Alphabet, which fund perhaps 85% of America’s AI build-out, have let their climate targets slip rather than slow construction.”
Alphabet - MentionedMalborough US Focus FundOctober 2026
“This is a remarkable result. However, the index’s reported earnings were boosted by mark-to-market investment gains, particularly those recorded by Alphabet and Amazon on their holdings in SpaceX and Anthropic.”
Alphabet - MentionedEquinova Investment Managers PMS PortfoliosOctober 2026
“Skepticism has started rising around viability of AI trade amid mounting debt concerns and reducing free cash flows for established tech giants like Amazon, Microsoft, Meta and Alphabet.”
Alphabet - MentionedTroy Multi-Asset StrategyOctober 2026
Named in a table in Troy Multi-Asset Strategy’s letter.
Alphabet - MentionedCDT Capital VNAVOctober 2026
Named in a table in CDT Capital VNAV’s letter.
Alphabet - MentionedSageOne Investment Managers SLMPOctober 2026
“The US provides several examples — Alphabet, Microsoft, Meta and Amazon have grown into some of the world's largest companies while continuing to deliver strong growth of 15% despite their enormous revenue bases of USD 200-300 bn.”
Alphabet - MentionedSpheria Australian Microcap FundOctober 2026
“Results from some of the biggest technology companies highlighted the sheer capital being invested into AI - with Google, Amazon and Meta spending US$51bn, US$77bn and US$35bn respectively on capex in the September quarter, pushing free cash flow negative at all three despite strong revenue growth.”
Alphabet - MentionedTIN SmåbolagOctober 2026
“Behind a large part of this demand are the investments in data centers at companies such as Microsoft and Alphabet .”
Alphabet - MentionedDrys Capital Equitas Equity Funds (Selection, High Convictions and Vision)October 2026
“In the international scenario, the S&P 500 declined 0.93% and the Nasdaq-100 fell 6.65%, in a movement concentrated in technology. The 3Q26 earnings season continued to demonstrate strong growth in the construction of AI infrastructure, which naturally pressures cash generation: Alphabet had its second consecutive quarter with negative free cash flow of US$ 9.07 billion, while Amazon presented free cash flow of -US$ 42.4 billion over twelve months, the exception to the movement was Microsoft.”
Alphabet - MentionedLowell Resources FundOctober 2026
“Cory Kos, vice-president of investor relations at uranium producer Cameco, said companies such as Amazon and Microsoft were looking to buy physical uranium for the next-generation nuclear reactors that would power data centres. • Alphabet agreed to buy nuclear power from Constellation Energy in a deal that could require the addition of 890 megawatts of new reactor capacity.”
Alphabet - MentionedPender Market InsightsOctober 2026
“Google faced difficult questions about its competitive position and threats around its search business before falling over 10%.”
Alphabet - MentionedVltava FundSeptember 2026
“One of the most striking aspects of today’s U.S. stock market concerns companies’ exceptionally high earnings and record-high profit margins. The net profit margin of companies in the S&P 500 index is at historic highs. According to FactSet, it reached approximately 15% in the second quarter after adjusting for certain extraordinary investment gains. The previous high was around 14% (in 2021), followed by 13% (in 2018) and, before that, 10.5% (in 2008). Historically, profit margins have generally been in the single digits. Also interesting is that U.S. corporate profits are growing very rapidly today at a time when the economy itself is showing a rather moderate pace of growth and when we are somewhere in the middle of the economic cycle. Accelerating profitability growth in the middle of an economic cycle is highly unusual. In our view, this trend has in part a relatively straightforward explanation. The composition of the stock market has changed through the decades. Today’s index includes far more technology, software, and other asset-light companies, and these naturally achieve higher margins than do traditional industrial firms. At the same time, however, there is another factor in play that, in our view, receives surprisingly little attention, and this is an unprecedented investment boom related to artificial intelligence. Microsoft, Alphabet, Amazon, and Meta (the so-called “hyperscalers”) collectively plan this year to make capital investments exceeding $700 billion.”
Alphabet - MentionedSKBA Capital ManagementSeptember 2026
“In uncertain times, investors tend to flock to safety. Such is the mantra, usually. We live in unusual times, however, and paradoxically, today’s stock markets are driven by those few companies presumed to usher in the demise of the human race. There is Open AI and Anthropic of course (both of which are still private), but there is also Nvidia, Amazon, Alphabet with Gemini, Meta with Muse, SpaceX with Grok and Microsoft with Copilot (which is underpinned by Open AI), all of which have inseparable dependencies with one another.”
Alphabet - September 2026
“The term “consensus” within the capital markets industry refers to the average of earnings estimates made by professionals. Magnificent 7 data refers to the following set of stocks: Microsoft (MSFT), Amazon (AMZN), Meta (META), Apple (AAPL), Google parent Alphabet (GOOGL), Nvidia (NVDA), and Tesla (TSLA).”
Alphabet - MentionedGreenlight CapitalSeptember 2026
“the 191 technology companies in the S&P 1500, plus Amazon, Meta, Google and Tesla, collectively generated $4 trillion in actual revenue last year.”
Alphabet - September 2026
“The classifications themselves are fluid. Alphabet moved from being widely perceived as an AI loser in 2025 toward being viewed increasingly as an AI beneficiary as its technology, distribution advantages, and monetization opportunities became clearer.”
Alphabet - MentionedCDT Capital VNAV FundSeptember 2026
“For some context around the magnitude of the AI investment super-cycle and the extraordinary demand for capital, earlier this month, Goldman Sachs reported that by 2028 the capital budgets for the five-cloud computing hyperscalers, Oracle (ORCL), Microsoft (MSFT), Google (GOOG), Meta (META) and Amazon (AMZN) will more than 3x from 2025 levels”
Alphabet - September 2026
“In particular, Broadcom is a supplier to each of the major “frontier labs” in AI today, working with OpenAI, Anthropic, and Google to produce custom chips and related hardware.”
Alphabet - MentionedBoyar Value GroupSeptember 2026
“Earnings: Strong at the Top, Softer in the Middle Corporate profits were again a bright spot. According to FactSet, S&P 500 earnings for the second quarter rose an eye-popping 52% from a year earlier, and 86% of companies beat analysts’ estimates. But a closer look tempers that figure. It includes significant unrealized gains on equity investments: $98 billion at Alphabet (including its stake in SpaceX) and $53.4 billion at Amazon (mostly on its stake in the privately held AI company Anthropic).”
Alphabet - MentionedSaratoga Research & Investment Management Large Cap Quality StrategiesSeptember 2026
“At the time, OpenAI and An- thropic were both preparing public offerings, Alphabet had announced an enormous new equity-capital program, and the world's largest technology companies were tapping debt and equity markets to finance an AI infrastructure buildout at unprecedented scale.”
Alphabet - MentionedRewey AM Smid Value StrategySeptember 2026
“We believe a significant portion of this growth is from the boom in data center construction. S&P Global estimates that just the five largest hyperscalers (Microsoft, Alphabet, Amazon, Meta, and Oracle) will spend over $750 billion on data center construction in 2026, roughly equivalent to 2.3% of GDP.”
Alphabet - MentionedEdgewood Large Cap Growth StrategySeptember 2026
“leading us to invest in Google and Apple.”
Alphabet - September 2026
“We believe Shopify is well positioned to benefit from long-term growth in digital and agentic commerce, supported by its proprietary commerce and checkout data, longstanding product catalog infrastructure and AI-enabled merchant tools. Early partnerships with Google and OpenAI further strengthened Shopify’s position by helping AI agents surface relevant products and giving merchants a compelling reason to integrate with the platform. This could represent an important inflection point as agentic commerce develops.”
Alphabet - September 2026
“We sincerely hope Alphabet (YouTube) and ByteDance (TikTok) will follow suit.”
Alphabet - MentionedARAR FundSeptember 2026
“I have previously pointed out that companies like Amazon, Microsoft and Alphabet have businesses providing gargantuan profits, that should keep their trillion-dollar market caps intact even in a bust later on.”
Alphabet - September 2026
“Source: Bloomberg, Alphabet and Amazon 10k filings, CNBC”
Alphabet - MentionedNAOS Asset Management Listed Investment Companies (NAC, NCC and NSC)September 2026
“In the current environment, some argue that enterprises will incorporate artificial intelligence applications into their operations, driving higher productivity and further profit growth over the medium term. On this view, unlike most previous periods of high inflation, this era is underpinned by higher, sustainable profit growth. Clearly, some businesses share this view: they believe their profits will be high enough to generate adequate returns and are taking on leverage to augment them, even amid higher inflation. One example is the inaugural Australian-dollar bond issue of Alphabet Inc. (NDQ: GOOG), which raised ~A$5.5 billion across 3, 5, 10 and 20-year tranches, with the 20-year tranche carrying a 6.9% coupon.”
Alphabet - MentionedLiontrust GF Global Dividend FundSeptember 2026
“our preferred cloud exposure among the hyperscalers remains those with full stack economics, Amazon, Alphabet and Meta, rather than Microsoft,”
Alphabet - MentionedValue Holdings Fund FamilySeptember 2026
“privacy-compliant and legally secure alternative to the large US providers such as OpenAI, Anthropic or Google and thus brings Europe a step closer to the goal of data sovereignty.”
Alphabet - 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 - MentionedGuinness Global Equity Income FundAugust 2026
“Over July, these fears have only grown as hyperscaler capex expectations continued to move higher. Expected FY26 capex by Amazon, Alphabet, Microsoft, Meta and Oracle combined has risen from around $536bn in December to $784bn by July, an increase of almost 50% in just 8 Guinness Global Equity Income August 2026 seven months. Over the same time frame, expectations for free cash flow (FCF) have fallen dramatically, with all but Microsoft expected to have negative absolute FCF over 2026. The latest earnings season strengthened those expectations as three of the four main hyperscalers raised capex guidance. 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 - 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 - June 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 - June 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 - MentionedThird Point Offshore Fund, Ltd.June 2026
“Google is one of its largest customers, giving the company a front-row seat to the transition toward next- generation datacenter power architecture and meaningful exposure to Google's TPU accelerator program, which we believe will be among the fastest-growing AI compute platforms over the next several years.”
Alphabet - MentionedBrasada CM Private AccountsJune 2026
“cash flow flush hyperscalers like Amazon, Microsoft, Alphabet, and Meta.”
Alphabet - June 2026
“Including the leading hyperscale customers (Alphabet, Meta, Microsoft, Amazon) who are spending all excess cashow on infrastructure used to deliver AI services, the AI ecosystem accounts for about a third of the benchmark.”
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 - MentionedArtemis UK Special SituationsMarch 2026
“Publishing company Future warned that Google's AI overviews were having a negative impact on traffic to its websites from conventional web searches, squeezing its advertising revenues.”
Alphabet - MentionedBoyar Value GroupMarch 2026
“competing AI tools from companies like Anthropic and Google became more widely adopted.”
Alphabet - MentionedBlackstoneJanuary 2026
“5 Source: Reflects data center CapEx by Microsoft, Amazon, Google, Meta per Morgan Stanley Equity Research, as of August 2025.”
Alphabet - MentionedBlackrockDecember 2025
“Source: BlackRock Fundamental Equities, with data from FactSet as of Nov. 24, 2025. Chart shows capex spending and spending intentions of the five largest U.S. hyperscalers (Amazon, Meta, Alphabet, Microsoft and Oracle).”
Alphabet - MentionedHoran WealthDecember 2025
“Included in the Communication Services sector are companies like Alphabet (GOOGL), Meta Platforms (META), and Netflix (NFLX).”
Alphabet - December 2025
“Healthcare (+11.7%) was the standout sector, rebounding after entering the quarter as the worst-performing sector in 2025. Investors bid for deeply discounted names in the sector, as Healthcare has lagged over the past three years. Communication Services (+7.3%) was the 2nd best performer, benefiting in part by a strong return from Alphabet, which alone accounts for 53% of the sector’s weight in the S&P 500 Index.”
Alphabet - MentionedTsai CapitalDecember 2025
“Ryan McInerney—Visa Inc. Michael Miebach—Mastercard Incorporated H. Lynn Moore Jr.—Tyler Technologies Inc. Elon Musk—Tesla Inc. Satya Nadella—Microsoft Corporation Sundar Pichai—Alphabet Inc.”
Alphabet - MentionedClearbridgeDecember 2025
“Among the Magnificent Seven, only Google and Nvidia outperformed the S&P 500 in 2025.”
Alphabet - December 2025
“Artificial Intelligence In November 2022, OpenAI launched ChatGPT to enormous fanfare reaching 100 million users in just two months and projected to reach one billion users by February 2026, achieving that milestone ten years faster than Google did with its search engine. For the first time, a conversation with a machine has become indistinguishable from one with a human, heralding the advent of artificial intelligence (AI). The Industrial Revolution brought on the mechanisation of production and an explosion of goods. AI promises to commoditise intelligence and, when combined with robotics, has the potential to disrupt almost all industries. For the largest software companies who have built their businesses around intangible assets, AI represents an existential threat. Larry Page, a co-founder of Alphabet (formerly Google), told colleagues he would be ‘happy to go bankrupt rather than lose this race’ for AI supremacy.”
Alphabet - MentionedFar View Capital ManagementDecember 2025
“Ingenuity benefited from a meaningful inflection in EBITDA and the announcement of a strategic partnership with Google that included an investment in a convertible investment at a significant future valuation—substantially above where we marked the position at year-end.”
Alphabet - MentionedMondrian Investment Partners Global EquityDecember 2025
“There is ongoing debate about the sustainability of current AI-related valuations. While we do not dismiss the transformative potential of the technology, there remains considerable uncertainty around the ultimate returns on the very large amounts of capital being deployed. At the same time, valuations have risen across much of the AI ecosystem, with the most pronounced stretch evident among privately held and early-stage companies. In these cases, firms such as OpenAI, Anthropic, and Perplexity are structurally incentivized to drive valuations higher because their equity serves as a key currency for both funding and talent acquisition. Mondrian’s disciplined, bottom-up valuation framework allows for selective exposure to AI-related opportunities while we maintain a focus on companies trading at compelling valuations, with limited balance sheet risk, such as Capgemini and Samsung outside the US and Microsoft and Alphabet within the US.”
Alphabet - MentionedSchafer Cullen High Dividend ValueDecember 2025
“An underweight allocation to and stock selection within the Communication Services sector was the largest detractor from relative performance. Alphabet, the largest constituent in the Russell 1000 Value at a 3.8% weight, rose 29% in the quarter, and is not owned in the strategy.”
Alphabet - MentionedOrbis Global BalancedDecember 2025
“From cereal bowls to cereal 13/02/2026 16:31 Orbis Global Balanced | Quarterly Commentary https://www.orbis.com/uk/institutional/insights/commentaries/quarterly/2025/q4/balanced 4/8 Consider the little guy in the picture. He’s full of promise, and naturally his parents think he’ll be the most productive youngster in history. He might be, but he might squander his parents’ investments in him instead. We don’t know. What we do know is that he’s got a voracious appetite. The little dude loves cereal. He can’t get enough of it, spilt milk be damned. Sure, he needs a bowl and a spoon before pouring his cereal, but unless something breaks, he only needs those once. Really he needs a steady supply of cereal and milk. This little guy is artificial intelligence. Neither his parents nor anyone else knows exactly how he’ll grow up. But they are going to feed him, even if he eats sloppily. To wit: “If we end up misspending a couple of hundred billion dollars, I think that is going to be very unfortunate… but I actually think the risk is higher on the other side.” – Mark Zuckerberg “Once we build this generally intelligent system, we will ask it to figure out a way to generate an investment return.” – Sam Altman As Ben Preston writes in the Global Equity commentary, our analysts believe Alphabet’s AI advantages over Meta and OpenAI are underappreciated.”
Alphabet - MentionedSchafer Cullen Value EquityDecember 2025
“Healthcare (+11.7%) was the standout sector, rebounding after entering the quarter as the worst-performing sector in 2025. Investors bid for deeply discounted names in the sector, as Healthcare has lagged over the past three years. Communication Services (+7.3%) was the 2nd best performer, benefiting in part by a strong return from Alphabet, which alone accounts for 53% of the sector’s weight in the S&P 500.”
Alphabet - MentionedClearbridge Small Cap StrategySeptember 2025
“Terawulf, a vertically integrated bitcoin mining and energy infrastructure company, was a top contributor as cryptocurrency prices rebounded and it was revealed that Google was taking a significant stake in the company.”
Alphabet - MentionedArtemis Global Select FundSeptember 2025
“Two of the biggest detractors from performance were stocks we either don’t own (Alphabet) or where we are underweight (Apple).”
Alphabet - MentionedMadison Dividend Income FundJune 2025
“The Technology sector was the best performing sector in the second quarter with a +22.8% return, including a +41% rise off the market bottom. The Magnificent 7 stocks (Nvidia, Microsoft, Apple, Alphabet, Google, Amazon and Tesla) were up +21% in the quarter and significantly outperformed the equal-weighted S&P 500 return of +5.3%.”
Alphabet - MentionedLVS Advisory Curtiss WrightJune 2025
“• May 2025 – Ontario Power Generation begins construction on a 4 reactor GE Hitachi SMR project (1.2 GW total) with the first plant to be in operation by 2028 12 • October 2024 – Google partners with Kairos Power to develop a 500 MW SMR plant by 2027”
Alphabet - MentionedChoice Equities CMJune 2025
“The company’s recent earnings call also produced some noteworthy data points, as management highlighted the benefits of potential market share gains should the DOJ force any remedies on Google as a result of the ad tech trial ruling issued in April.”
Alphabet - MentionedDavis Global FundJune 2025
“AppLovin continues to pass compliance audits by the Apple and Google app stores and advertisers are voting with their ad budgets that its platform is creating value, but we continue to monitor the situation and talk to industry participants.”
Alphabet - MentionedGeneration IMMarch 2025
“This retreat was not limited to climate. In corporate America, there has been a visible pullback from equity, diversity and inclusion (EDI) efforts. Rollbacks have been reported by Amazon, Google and Meta, amongst others.”
Alphabet - MentionedTouchstone Sands Capital Select Growth FundMarch 2025
“Part of the leadership shift included a rotation from the Magnificent Seven, as five of its constituents, NVIDIA, Apple, Tesla, Alphabet, and Microsoft, were the Index’s largest individual detractors.”
Alphabet - MentionedTamim Global Tech and InnovationMarch 2025
“Energy, another major Pillar of power, is a critical input into any system -- the base layer for both Technology and Money. In order to power the AI data center demand + reshoring in the US + electric vehicle proliferation, we need to both increase reliable base load power (i.e., nuclear and natural gas) and upgrade the grid. We are beginning to see signs of this cycle emerging in the US: Amazon buys nuclear powered data center to accelerate AI, Microsoft partnering to re-open the ‘infamous’ 3-mile island nuclear power plant to power its AI data center, Google to buy power from small modular reactor company, Palisades Michigan nuclear power plant potentially reopening supported by the Department of Energy.”
Alphabet - December 2024
“6) E-wallets (Apple or Google Pay).”
Alphabet - MentionedMar Vista US Quality SelectDecember 2024
“BATMMAAN — Broadcom, Apple, Tesla, Microsoft, Meta Platforms, Amazon, Alphabet, and Nvidia — all boasting market valuations exceeding $1 trillion, delivered an average 2024 return of 63.3%, significantly outperforming the S&P 500®.”
Alphabet
Fund coverage · 49 theses
- Broyhill Equity CompositeSeptember 2026
Alphabet was bought after a sell-off because demand exceeds supply and its TPU exposure offers attractive AI-related optionality.
Read the full thesis - Vision Capital FundSeptember 2026
Alphabet combines dominant digital advertising assets, custom AI silicon exposure, and fast-growing cloud momentum.
Read the full thesis - FPA Crescent FundSeptember 2026
Alphabet benefits from resilient Search, AI-driven cloud demand, and long-term optionality from YouTube and Waymo.
Read the full thesis Alphabet is a diversified AI beneficiary with a dominant cash-generative search engine, a leading LLM, custom silicon, and a major cloud 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 - 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 - 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 - Oakmark Equity and Income FundJune 2026
Alphabet is attractive on a sum-of-the-parts basis, with AI leadership supporting growth and monetization across Search and Cloud.
Read the full thesis Alphabet is using AI to accelerate cloud growth, expand margins, and support long-term earnings compounding.
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 Alphabet combines resilient Search, AI-driven Cloud demand, and durable growth drivers that support attractive long-term earnings growth.
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 - 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 - 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 - 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 Alphabet Inc is growing its core search and AI businesses, while Google Cloud is scaling profitably with a large backlog.
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 - 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 - 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 - 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 - 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 - 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 - 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 - 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 - 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 - 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 - 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 - Alphyn Capital ManagementSeptember 2025
Alphabet is well-positioned in AI with a vertically integrated stack that enhances efficiency and user engagement while experiencing strong growth in Google Cloud and solid financial performance.
Read the full thesis - Bristlemoon Global FundSeptember 2025
Google is well-positioned to innovate despite past challenges, leveraging its advanced AI capabilities and cost advantages to enhance search and drive future growth.
Read the full thesis - Artisan Global Value StrategySeptember 2025
Alphabet is investing heavily in capital expenditures for growth and AI development, but its returns are declining, reflecting the challenges of transitioning from its legacy search business to new ventures like Google Cloud and Gemini.
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 - Sands Capital Select GrowthSeptember 2025
Alphabet is a leading global internet company leveraging AI and extensive consumer reach through Google and YouTube to enhance targeted advertising and expand into new markets.
Read the full thesis - Baron Fifth Avenue Growth FundSeptember 2025
Alphabet Inc. is well-positioned for long-term growth despite potential risks from generative AI, leveraging its extensive ecosystem, AI expertise, and diversified revenue streams to maintain a competitive advantage.
Read the full thesis - Saltlight CapitalJune 2025
Google is leveraging its AI advancements and custom hardware to reshape the market through competitive infrastructure costs and strong distribution channels while positioning itself favorably in the emerging Physical AI domain.
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 - 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 - 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 - 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 - 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 - 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 - 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 - 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 - 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.
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