Conventum – Alluvium Global Fund, managed by Alluvium Asset Management, stated in its Q2 2026 investor letter that Google parent company Alphabet's stock price rose by 24.4% during the quarter, with revenue increasing by 22%, exceeding expectations. The fund noted that Alphabet appears unable to meet market demand and has therefore once again increased its capital expenditure budget to $190 billion, with further increases expected next year, which has raised some concerns for the fund.