Alphabet reports Q2 results after the bell today. The number that decides the stock isn't revenue or earnings -- it's capex.

One line item in this afternoon's report will tell investors more than the headline numbers will.

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Alphabet locked in $811 billion of future spending on AI infrastructure. The number jumped $500 billion in one quarter.

Alphabet disclosed $811B in future spending commitments at the end of June, up nearly $500B from March. It covers chips, data centres, electricity, and content.