Alphabet Inc - Ordinary Shares - Class C

**Solid Financial Performance**: Alphabet reported Q3 2024 consolidated revenues of $76.5 billion, a 15% increase year-over-year (YOY), with Google Cloud revenues growing by 35% to $11.4 billion. Operating income rose 34% to $28.5 billion, resulting in a 32% operating margin, and net income increased to $26.3 billion with earnings per share rising 37% to $2.12.

**Strong Growth in AI Products**: Significant growth in AI capabilities, including AI Overviews and Gemini models, is driving user engagement in search and reshaping the advertising landscape. AI-led innovations are stimulating user queries, enhancing ad placements, and creating new revenue opportunities, particularly as features like Circle to Search gain traction.

**Strategic Investment in Infrastructure**: Alphabet plans to maintain high CapEx levels, investing approximately $13 billion into technical infrastructure for the foreseeable future, focusing on servers (including TPUs and GPUs) and expanding data centers. Such investments optimize operational efficiency and solidify Alphabet's position against competitors in the AI and Cloud domains.