Alphabet(US:GOOG) 智通财经网·2025-07-29 03:28Core Viewpoint - Goldman Sachs raised the target price for Alphabet (GOOG.US) from $225 to $234, citing strong Q2 earnings and accelerated investment in artificial intelligence (AI) as key drivers for long-term growth [1][2] Group 1: Financial Performance - Alphabet's latest earnings report indicates strong performance in its search, YouTube, and cloud business segments [1] - Expected capital expenditures for Alphabet are projected to reach $85 billion in 2025, increasing by 15% to $102 billion in 2026 [1] Group 2: AI Strategy - Goldman Sachs highlights Alphabet's multi-faceted AI strategy, including AI Overviews search functionality, Gemini, and multimodal search, as potential differentiators in a competitive landscape [2] - The management confirmed a capability-sharing relationship with OpenAI, which is viewed as both a partner and competitor in AI development [2] Group 3: YouTube and Cloud Business - The performance of YouTube's Shorts and subscription services is expected to enhance its competitiveness against traditional media [2] - Alphabet's cloud business is anticipated to benefit from the growing demand for generative AI in the medium to long term, despite short-term capacity constraints [2] Group 4: Upcoming Events - Goldman Sachs is closely monitoring two significant upcoming events: a U.S. court ruling on the search antitrust case expected at the end of August and the launch of the Pixel phone on August 20, which may provide insights into how AI tools integrate with hardware and search products [2]