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Alphabet demonstrates robust ROIC and strong Cloud expansion, but surging AI capital expenditures are squeezing free cash flow conversion. With capex outpacing cash generation and valuation at a prem…
71% of Alphabet's quarterly profit came from 'other income,' mainly equity revaluations in SpaceX and Anthropic, raising concerns about earnings quality and obscuring core operating performance.
Analysts flag that S&P 500 earnings growth is inflated by unrealized investment gains ('other income') from stakes in SpaceX, Anthropic, and Intel held by Alphabet, Amazon, and Nvidia, masking weaker…