Alphabet Q3 Earnings Preview: US$200 Billion AI Capex Test Puts Major Uptrend At Risk

Google Cloud is the key growth catalyst, but investors will watch whether rapid AI-driven revenue expansion is matched by healthy margins and cash generation. Capex and free cash flow are the biggest valuation risks, especially if Alphabet raises spending again without clearer evidence of improving AI returns. Technically, $359.44 is the key resistance, while a break below $300.44 may expose $270.70 and signal a deeper deterioration in the major uptrend.