Alphabet Guides Full-Year Capex to $195B-$205B, Above $202.21B Estimate

The capex range straddles the analyst consensus rather than clearly beating it, which makes the sharp after-hours share reaction the more telling signal: the market appears to be reading the spending plan as a margin and free-cash-flow question, not a demand one. That matters for the broader AI infrastructure trade, since Alphabet's budget is a benchmark for cloud and data-center suppliers whose order books track hyperscaler commitments. Whether the selloff reflects the midpoint of the range or the absence of a ceiling on spending is the open question.