Alphabet on Wednesday cited massive demand for its cloud computing services as it hiked its capital spending plans for the year to about $85 billion and predicted a further increase next year. The sea

Wednesday’s report follows Alphabet’s better-than-expected Q1 release earlier this year, in which the company reported year-over-year growth of 12% and 49% for its top and bottom lines, respectively, after Google’s search unit generated more in sales than analysts projected.

Alphabet posted its second-quarter earnings after Wednesday's closing bell, beating on the headline numbers. Investors will be focused on the state of the search business as AI answers become more prevalent,