Eric Sheridan leads Goldman Sachs' TMT research and provides investment analysis on Alphabet and AI capex trends.
no scored calls yet — needs a stated position or a categorical verdict, with a matured window vs SPY
Alphabet is making the right long-term decisions by raising capex to close the compute demand-supply gap; Cloud re-acceleration and YouTube momentum are long-term signals, while near-term model performance gaps (Gemini 3.5 Pro delays) are temporary as the industry shifts from token maxxing to token optimizing.