Guolanghui November 1st | UBS Group released a report pointing out that Alphabet shareholders are benefiting from the added capital expenditure, with significant growth in search business revenue. It is estimated that Alphabet will add about $24 billion in search business revenue this year, compared to $13 billion in 2023 and $15 billion in 2022, mainly driven by innovative measures such as Performance Max. In addition, Alphabet's cloud business revenue growth in the third quarter has also significantly increased. The bank expects cloud business revenue for the whole year to increase by about $10 billion, compared to about $7 billion in 2022 and 2023, and the current cloud business growth rate has surpassed that of YouTube. The bank believes that the above factors will help Alphabet address issues related to capital expenditure and return on investment, but concerns about the company's regulatory issues and the outlook for market share loss in its most important business segments may suppress growth. The bank has raised Alphabet's earnings per share forecast for 2025 and 2026 by about 3%, raising the target price from $187 to $192, and maintaining a "Neutral" rating.