Core Views:
The current earnings season for US stocks shows that AI remains the main theme, but the pricing logic is shifting towards "realization ability." The high growth of Alphabet's cloud business validates the demand for enterprise AI, and Tesla's recovery in deliveries indicates that the demand for electric vehicles still has support; however, both companies face rising capital expenditures and pressure on free cash flow. Moving forward, investors will pay more attention to whether companies can convert their AI investments into orders, profits, and cash flow. Companies with strong orders, robust cash flow, and clear investment paths may be more favored by the market.
The earnings season for US stocks in the second quarter is entering a critical phase, with the reports from Alphabet and Tesla becoming important samples for observing AI transactions in the market. The stock codes for the two companies are GOOGL, GOOG and TSLA respectively. Among them, GOOGL represents Alphabet's Class A shares, and GOOG represents Class C shares.
From the disclosed earnings reports, AI remains the main theme for US stocks. The change lies in the market beginning to focus on capital expenditure, profit margins, and free cash flow. Whether companies can convert AI investments into revenue and cash returns is becoming a key factor affecting valuations.
Image 1: Highlights from Alphabet's Q2 2026 Earnings Report
Alphabet's earnings report shows that advertising remains the fundamental base, while Google Cloud has become the biggest highlight this season. The image shows that both revenue and profit from Google Cloud maintain high growth, indicating that AI demand has already entered enterprise procurement and cloud service billing, with relevant commercialization being validated.
However, market divergence is also concentrated at the bottom of the image regarding capital expenditure. Alphabet's capital expenditure rose significantly in the second quarter, and the full-year CapEx guidance was also raised. Investors acknowledge the demand for AI but start to question whether these investments in data centers, servers, and network equipment can bring sufficient and stable cash flow in the future.
For GOOGL and GOOG, the key to future trends lies in whether the high growth of Google Cloud can continue and whether investments in AI infrastructure can gradually convert into profits and free cash flow.
Image 2: Highlights from Tesla's Q2 2026 Earnings Report
Tesla's earnings report focuses more on the profit side. The image shows that Tesla's delivery volumes have recovered, and revenue from vehicles continues to grow, indicating the company still has scaling capabilities in the global electric vehicle market.
However, another set of data is receiving more market attention: operating profit has declined year-on-year, operating profit margin is under pressure, and free cash flow has turned negative. The competition in the electric vehicle industry is intensifying, and price pressure along with cost investments is weakening Tesla's profitability.
Meanwhile, Tesla continues to increase its investments in AI, Robotaxi (self-driving taxi services), Optimus (Tesla's humanoid robot project), and chip manufacturing. The growth in FSD (Full Self-Driving) subscriptions and the advancement of Robotaxi in multiple US cities support the company's long-term narrative.
The current core issue for TSLA is that the market needs to see a clearer realization path. Whether the gross margin of the automotive business can stabilize, whether the commercialization of Robotaxi can expand, and whether Optimus can enter real production scenarios will all affect future valuations.
From the earnings reports of Alphabet and Tesla, it can be seen that AI transactions are entering a new phase. In the past, the market focused more on whether companies had AI layouts, but now investors are more concerned with orders, profits, and cash flow.
Moving forward, the capital expenditure guidance of hyperscalers such as Microsoft, Amazon, and Meta will become an important signal for assessing the AI investment cycle. Hardware companies like Nvidia, Broadcom, and AMD need to continue validating the demand for AI infrastructure with orders and revenue.
Activity Reminder
During the earnings season, Bitget is launching promotional events related to US stocks. New users who complete registration, KYC, and specified deposit and trading tasks can receive a newcomer reward; meanwhile, users can also participate in the US earnings season guessing game, where they can earn guessing tickets through stock spot rToken or stock contract trading tasks, predicting the future direction of popular US earnings reports, and have a chance to share the prize pool based on the number of tickets guessed correctly.
Activity Entry:
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Guessing Game for US Earnings Season:
https://www.bitget.com/zh-CN/launchhub/earnings-prediction?vipCode=hktb3191
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