Google Earnings Release Preview Scheduled for Tomorrow | Park Se-ik Executive Director & Chesley Investment Advisory

[Highlight] Google Earnings Release Preview Scheduled for Tomorrow | Park Se-ik Executive Director & Chesley Investment Advisory [Morning Brief / 26.07.22.Wed]
Watch on YouTube ↗  |  July 22, 2026 at 01:42  |  21:44  |  Chesley Investment Advisory (체슬리투자자문)
Speakers
Choi Ho — Vice President
Park Se-ik — CEO, ex-Chief Strategist

Summary

Choi Ho previews Google's upcoming earnings, noting Deutsche Bank's bullish estimates on cloud revenue and capex. He argues Alphabet's stock may underperform due to impending dilution and interest costs, while favoring AI infrastructure capex beneficiaries like Micron and memory. A future re-rating catalyst exists when cloud growth outpaces capex. The US Treasury Secretary's AI dominance comments reinforce the bull case for NVIDIA and AI semiconductors.

  • Deutsche Bank expects Google Cloud revenue and capex to significantly exceed market consensus.
  • Massive capex will require equity issuance and debt, causing EPS dilution and higher interest costs for Alphabet.
  • Therefore, Choi Ho sees Alphabet stock as unattractive and prefers capex beneficiaries such as Micron.
  • He is monitoring when cloud revenue growth rate surpasses capex growth rate as a future re-rating trigger.
  • US Treasury Secretary's push for 80% AI compute control signals government-backed investment, benefiting NVIDIA and AI semis.
  • Memory stocks rallied on the capex outlook and tight supply, confirming the infrastructure thesis.
Ideas
Choi Ho Vice President 4:30
Capex boom fuels memory and infrastructure.
Massive cloud capex from Big Tech like Google will sustain momentum in AI infrastructure, especially memory. Micron Technology and memory stocks have rallied on this outlook, and the trend should continue as hyperscalers fund infrastructure to meet surging demand.
MU AI infrastructure capex beneficiaries HIGH
Choi Ho Vice President 10:57
Government AI race supports NVIDIA and semis.
US Treasury Secretary's statement about US aiming to control 80% of global AI compute signals national-level competition, which backs massive investments in AI infrastructure and directly benefits NVIDIA and AI semiconductor companies.
NVDA SMH HIGH
Choi Ho Vice President 15:08
Alphabet unattractive due to funding dilution.
Alphabet's massive capex will require equity issuance and debt, causing EPS dilution and higher interest costs, limiting stock upside despite strong cloud growth. The real beneficiaries are capex providers rather than Alphabet shareholders.
GOOGL HIGH
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This Chesley Investment Advisory (체슬리투자자문) video, published July 22, 2026, features Choi Ho discussing MU, AI infrastructure capex beneficiaries, NVDA, SMH, GOOGL. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Choi Ho  · Tickers: MU, AI infrastructure capex beneficiaries, NVDA, SMH, GOOGL