Loomis Sayles noted in its Q2 2026 investor letter that Alphabet (parent company of Google) dominates online search and advertising, and possesses the scale, R&D, and technical talent in its emerging cloud business to compete effectively over the long term, forming a sustainable business model and a virtuous cycle of long-term growth. Alphabet achieved annual revenue of $400 billion for the first time in 2025, and its consolidated revenue reached $109.9 billion in Q1 2026, a year-over-year increase of 22%.