Goldman: In terms of the upcoming earnings call, we would expect the focus areas to include: 1) the broader AI theme through the lens of forward capital spend trends, potential needs for outside capital (debt or equity) to support such spend and any visibility into scaling return profile of capex in the years ahead; 2) addressing recent news flow around Gemini competitive positioning and AI-focused personnel departures; 3) digital advertising trends (end demand by vertical & geography) in both the reported quarter and any forward commentary (with a reminder that Alphabet does not typically provide formal revenue guidance); & 4) any key messaging from the company on elements of the cost base in terms of balancing efficiencies, growth investments and capital returns.(zerohedge)