Alphabet Inc - Ordinary Shares - Class A

**Strong Financial Performance**: Alphabet reported consolidated revenue of $76.5 billion for Q3 2024, up 15% year-on-year. Google Cloud revenues grew by an impressive 35% to $11.4 billion, indicating strong momentum in the cloud segment driven by AI offerings. Operating income increased by 34% to $28.5 billion, resulting in an operating margin improvement to 32%.

**AI-Driven Innovations**: The company’s integration of AI technologies across various products is a key growth driver. Notable developments include advancements in search capabilities like AI Overviews and Circle to Search, with widespread user adoption leading to increased engagement. AI models, including Gemini, are being used extensively to enhance product offerings and customer experiences, benefiting overall search and cloud performance.

**Infrastructure Investments**: Alphabet continues to invest significantly in its technical infrastructure, with a reported CapEx of $13 billion in Q3 2024. This includes investments in servers (primarily TPUs and GPUs) and data centers. The efficiencies gained from using TPUs contribute to competitive pricing for cloud services, supporting growth against peers.