Alphabet is rated a buy, driven by aggressive AI infrastructure investment and robust financials despite a historic $85B equity raise. Q1 FY26 delivered 22% YoY revenue growth, 81% net income growth, and exceptional Cloud segment performance with 63% revenue and margin expansion. CapEx is set to surge to $180-190B in FY26, with further increases expected in 2027, raising concerns about FCF pressure and valuation sensitivity.