Alphabet Shares Surge to Fresh All-Time Highs Extending Q1 Cloud Earnings Rally

Alphabet shares reached new all-time highs on May 1, 2026, capping a powerful rally from blockbuster Q1 earnings on April 29 that demolished estimates. Revenue hit $109.9 billion (+22% YoY vs. $107.1B expected), GAAP EPS soared to $5.11 (+82% YoY), and Google Cloud exploded 63% to $20 billion with backlog nearly doubling to $462 billion. Management hiked 2026 capex guidance to $180-190 billion and dividend 5% to $0.22/share, fueling AI growth enthusiasm despite spending pressures, with shares up 6-10% through April 30-May 1.