Point | Thursday, 23 July 2026 Morning Call Highlights | Company | Industry | Key Rating and Target Price Changes MorningCallHighlights Alphabet Inc (GOOGL.O) - AI Momentum Across Search & Cloud, though Capacity Constraints Fuel Higher Spending GOOGL's AI investments are driving results across both Search and Cloud. That said, the debates post 2Q26 are likely to center on: 1) Timing around Google's SOTA FM strategy, led by Gemini 4 (we expect a 4Q launch) with coding tools; 2) Margins as Google acquires inc ...