Deposit receipts for Alphabet (GOOG) listed on the Stock Exchange of Thailand declined Thursday morning after the technology firm’s 2026 capital expenditure projections greatly exceeded market expectations. The DR tracked movements in Alphabet’s shares, which fell in U.S. after-hours trading following the company’s outlook update.
GOOG80 DR, representing Alphabet shares and issued by KTB, dropped 2.78% to THB 5.25 early Thursday, mirroring a similar reaction seen in Alphabet’s U.S.-traded stock overnight. Alphabet’s shares initially fell as much as 7% after its quarterly results and capital expenditure forecast were released, before paring those losses and trading about 0.4% lower in after-hours activity.
The technology company’s management told investors that capital investments for 2026 could reach a range of $175 billion to $185 billion. This new forecast places the upper end at more than twice the company’s estimated capital spending for 2025. The spending is set to target expansion in artificial intelligence computing via Google DeepMind and to support rising demand from its cloud division.
Alphabet had first flagged its intention to raise capital spending in October last year. Despite the latest quarterly performance outpacing analyst expectations, concerns about the company’s elevated spending trajectory weighed on tech stocks, prompting declines in related depositary receipts like GOOG80.
For the most recent quarter, Alphabet posted revenue of $113.83 billion, surpassing analyst expectations of $111.43 billion. Net income grew nearly 30% year over year, reaching $34.46 billion. The performance was bolstered by strength in Google’s core search advertising and cloud services, with annual company revenue exceeding $400 billion for the first time.
Advertising revenue increased 13.5% to $82.28 billion, while YouTube advertising rose 9% to $11.38 billion, although this figure came in slightly below Wall Street projections. Cloud revenue reached $17.66 billion, outpacing analyst forecasts.
Alphabet also reported that its Gemini app now registers over 750 million monthly active users. The latest growth, an increase of 100 million since October, represents a slower pace compared to the previous quarter’s gains.
Alphabet reiterated its expectation for a significant boost in capital investment throughout 2026 as it focuses on expanding AI infrastructure and cloud capabilities.
