Investment management firm Arauca Capital, in its Q2 2026 investor letter, announced its decision to exit its position in Alphabet Inc. (NASDAQ:GOOG), which included monetizing derivative gains and selling remaining shares. The firm stated that while operating results remained strong, with Cloud growing over 80% and Search around 17%, accelerating capital expenditure and a heavier balance sheet, coupled with a valuation shift (particularly free cash flow multiples), led to the exit. Arauca Capital noted that at around $370 per share, the margin of safety that existed in the mid-$140s to $150s was largely gone, prompting the move to secure accumulated gains as options moved closer to expiry.