Will Anthropic Boost Alphabet’s Earnings to the Stratosphere?
Alphabet is set to report Q2 2026 earnings on July 22, with a potential windfall from its 14% stake in Anthropic, now valued at approximately $135 billion. Bank of America estimates this will drive EPS to $8.38, nearly triple the Street consensus. Google Cloud grew 63% last quarter to $20 billion, but was supply-constrained. Free cash flow fell 47% YoY as 2026 capex climbs toward $190 billion. Prediction markets price a 97% beat probability. Analysts advise looking past the one-off Anthropic markup to focus on cloud growth reacceleration, backlog conversion, and capex productivity as the true stock movers.
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Will Anthropic Boost Alphabet’s Earnings to the Stratosphere?
Alphabet is set to report Q2 2026 earnings on July 22, with a potential windfall from its 14% stake in Anthropic, now valued at approximately $135 billion. Bank of America estimates this will drive EPS to $8.38, nearly triple the Street consensus. Google Cloud grew 63% last quarter to $20 billion, but was supply-constrained. Free cash flow fell 47% YoY as 2026 capex climbs toward $190 billion. Prediction markets price a 97% beat probability. Analysts advise looking past the one-off Anthropic markup to focus on cloud growth reacceleration, backlog conversion, and capex productivity as the true stock movers.