On July 23, Alphabet declined 6.07% in regular trading, trading at $321.36/share, with turnover of $20.94 billion.

Multiple headwinds converged during the session. While Alphabet reported Q2 revenue of $119.8 billion (up 24% YoY) and Google Cloud revenue of $24.8 billion (up 82%, beating the $22.3 billion estimate), the company's single-quarter capital expenditure of $44.9 billion pushed free cash flow to negative $5.9 billion — the first time in decades. The company further raised full-year capex guidance to $195-205 billion from a prior $180-190 billion range.

Adding to the pressure, the European Commission fined Google 890 million euros for violating the Digital Markets Act through self-preferencing in Search and anti-steering practices on Google Play. UBS cut its target price from $400 to $379, Oppenheimer lowered to $400, and D.A. Davidson reduced to $350, reflecting broad institutional concern over sustained negative free cash flow and uncertain AI return timelines.

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