1. Alphabet is expected to report strong Q2'25 earnings with $93.75B revenue and $2.25 EPS, driven by AI compute capacity and Google Cloud margin expansion; 2. The company is expanding AI-generated coding through a $2.4B deal to acquire leadership and licensing rights from Windsurf; 3. Despite growth potential, the stock is downgraded to HOLD due to fair valuation at $185/share (13.55x eFY26 EV/EBITDA).