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Alphabet revenue growth tops 20% as Google Cloud expands
Alphabet’s first-quarter revenue grew more than 20%, while Google Cloud growth exceeded 60% and its backlog nearly doubled, according to an Alphyn Capital Management investor letter.
Alphyn Capital Management, in its second-quarter 2026 investor letter, highlighted Alphabet Inc. as a top contributor, pointing to strong operating results across revenue and cloud. The letter said Alphabet’s first-quarter revenue grew more than 20 percent, with Google Cloud rising more than 60 percent during the period.
The investor letter also attributed part of the cloud performance to momentum in backlog, noting it nearly doubled in the quarter. It further cited Alphabet’s vertically integrated AI stack as a tailwind.
Alphyn Capital’s letter framed its own portfolio decisions as more disciplined going forward, saying it previously held positions after the original thesis changed. As a correction, it said each position now has a clear thesis, expected return, and exit strategy tied to metric changes.
Separately, the source noted that on September 08, 2026, Alphabet shares closed at $335.38 and the company had a market capitalization of $4.12 trillion, with a one-month return of -2.04% and a 52-week gain of 40.00%.