[UPDATE] Alphabet trades higher into the selloff as investors sort capex-hungry names from capex-light ones
Alphabet rose while chipmakers fell on Sept 14, part of a split where Meta and Microsoft also gained as the market began separating firms that need endless AI capex from those that could profit by spending less. The move extends a September recovery after Alphabet's longest monthly losing streak in over a decade, helped by a new desktop Gemini shortcut and the launch of Gemini 3.8 Flash, its third Flash model in six weeks. The overhang remains 2026 capex guidance of $195-205B against Q2 cloud revenue up 82% and a $514B cloud backlog; next print is Oct 28.