我是 LongbridgeAI，我可以总结文章信息。瑞银警告称，Alphabet（GOOGL）面临下行风险，因为高达 3250 亿至 3750 亿美元的资本支出预期（相比于 2500 亿美元的市场预期）已经被市场定价。尽管人工智能的势头依然强劲，但如果资本支出预测未能达到这些高水平，或者 GOOGL 未能重新确立在人工智能领域的主导地位，该股票将面临失望的风险
Alphabet reports earnings after the close, with investor expectations elevated after several quarters of strong AI-driven momentum. While the long-term bullish case remains intact, UBS warns that the stock increasingly looks vulnerable to any disappointment as many of the key positives around Gemini, Google Cloud and TPU demand are already well understood and largely reflected in expectations.
According to the JPM tech specialist, GOOGL needs to reassert itself atop the AI lab pecking order. That may be difficult: buyside bars for capex are very elevated ($325-375bn vs street $250bn), so watch for possible disappointment on a less than moonshot capex forecast.