Alphabet
Alphabet Inc. is the holding company of Google, Google Search, YouTube, Android, Google Cloud and Google DeepMind, plus “Other Bets” such as Waymo and Verily. Since 2023 its AI strategy has been consolidated in Google DeepMind, which builds the Gemini models. Per the Q2 2026 figures below, Google Cloud grew fastest of its segments, and Alphabet announced an equity raise (press) to fund AI infrastructure.
Overview
- CEO: Sundar Pichai (since 2019 for Alphabet; Google CEO since 2015); CFO: Anat Ashkenazi; President and CIO: Ruth Porat; Chairman: John Hennessy (Wikipedia, secondary)
- Google DeepMind: led by Demis Hassabis
- Market cap: passed $3 trillion on 2025-09-15 (Wikipedia, secondary)
- Segments: Google Services (Search, YouTube, Android, Chrome, Play, devices), Google Cloud, Other Bets
Financials
| Period | Figure |
|---|---|
| 2025 full year | revenue about $403B (Wikipedia, secondary) |
| Q2 2026 (to 2026-06-30) | revenue 40.8B |
| Q2 2026 Google Cloud | revenue 8.8B per press |
| Q2 2026 capex | 195-205B (press) |
| Cloud backlog | about $514B (press, Q2 2026) |
From Pichai’s Q2 2026 release: the Gemini app has 950 million monthly active users, Gemini models process 22 billion API tokens per minute, and nearly 90% of the Fortune 100 use Gemini Enterprise. Q2 net income in the release looks inflated by non-operating gains and is omitted here.
AI models and products
See gemini-3-x-family for the current lineup and gemini-3-series for the 3.x history.
- Gemini 3 (2025-11-18, gemini-3-dot-0); 3.1 Pro is still labelled preview; Gemini 3.5 announced at Google I/O in 2026-05, then 3.6, 3.7 and 3.8 Flash (GA 2026-09-02). See gemini-3-dot-5-pro for the status of 3.5 Pro (per the vault note).
- Gemini 4 Argon: reported in the vault’s model notes as announced 2026-09-30 with limited first access; not verified against a Google source here.
- Gemma 4 open-weight family (gemma-4); on-device Gemini Nano.
- Media: Veo, Nano Banana image models, Gemini Omni (any-input creation, starting with video, I/O 2026), Lyria 3.5 music.
- Apps and tools: NotebookLM, Gemini Canvas, Gemini Enterprise, Google Antigravity (agentic IDE), Jules (coding agent), google-workspace-studio.
- Hardware shown at I/O 2026: Googlebook laptop, Fitbit Air, Android XR eyewear.
Corporate events 2025-2026
- 2025-03-18 / 2026-03-11: the $32B all-cash acquisition of cloud-security company Wiz was announced, then closed on 2026-03-11 after clearances including the US and the European Commission.
- 2025-09: Judge Mehta’s remedies ruling in the search case avoided forcing a Chrome sale. Google and the DOJ and states cross-appealed (Google’s brief 2026-05-22; states 2026-02-03). In the ad tech case, Judge Brinkema’s remedies opinion required interoperability with Prebid without forcing the sale of AdX (secondary reports).
- 2026-01-12: joint statement with Apple: the next Apple Foundation Models will be based on Gemini, see apple.
- 2026-02: Waymo raised 126B valuation (Wikipedia, secondary).
- 2026-06-01: Alphabet announced an 10B private placement to Berkshire Hathaway, 40B at-the-market programme from Q3 (Bloomberg, CNBC reports).
- 2026-08: settlement of the UK Play Store class action, reported as GBP 260M (Wikipedia, secondary).
Other Bets
- Waymo: Wikipedia reports 500,000 paid rides per week and about 3,900 vehicles in June 2026, operating in 10 US metros, with Munich, Tokyo and Singapore announced (Wikipedia, secondary).
- Verily, Wing, CapitalG, GV continue. The earlier version of this note listed Sidewalk Labs, Loon-style balloons and smart contact lenses for glucose as live projects; they were removed because they could not be sourced as current.
Related
Google DeepMind · openai · anthropic (Google is an Anthropic cloud and TPU partner) · microsoft · apple
Corrections to the earlier version
The earlier note was a Q1 2025 snapshot (revenue 176B cash”) and mixed in discontinued projects. Figures were replaced with Q2 2026 data; unverifiable old counts were dropped.
Open items
- Q3 2026 results are not out yet (expected late October).
- Net income for Q2 2026 and Alphabet’s Anthropic stake value were not checked.
- Search and ad tech appeals are ongoing.
Sources
- Alphabet Q2 2026 results exhibit: https://www.sec.gov/Archives/edgar/data/0001652044/000165204426000066/googexhibit991q22026.htm (fetched 2026-10-05)
- Futurum on Q2 2026: https://futurumgroup.com/insights/alphabet-q2-fy-2026-google-cloud-leads-growth-amid-rising-ai-investment/ (search summary, 2026-10-05)
- $80B raise: https://www.cnbc.com/2026/06/01/alphabet-to-raise-80-billion-from-stock-sales-to-fund-ai-buildout.html (search summary, 2026-10-05)
- Wiz closing: https://www.clearygottlieb.com/news-and-insights/news-listing/google-completes-32-billion-acquisition-of-wiz (search summary, 2026-10-05)
- Apple joint statement: https://blog.google/company-news/inside-google/company-announcements/joint-statement-google-apple/ (fetched 2026-10-05)
- Antitrust: https://searchengineland.com/doj-states-appeal-google-search-antitrust-remedies-ruling-468230 (search summary)
- Google I/O 2026: https://blog.google/innovation-and-ai/technology/ai/google-ai-updates-may-2026/ (fetched 2026-10-05)
- Wikipedia (secondary): https://en.wikipedia.org/wiki/Alphabet_Inc. and https://en.wikipedia.org/wiki/Waymo (fetched 2026-10-05)
- Model details: vault note gemini-3-x-family (verified 2026-10-02).