Alphabet Raises Capex Bar; What’s next for Software? 2/4/26

A busy earnings session puts Big Tech and software squarely in the spotlight. Alphabet headlines the night. Qualcomm, ARM, and Snap also report, adding fresh signals on chips, mobile demand, and digital advertising. Ben Reitzes, Managing Director at Melius Research, breaks down the broader software and tech landscape. Citizens’ Andrew Boone reacts to Alphabet’s results and huge capex outlook. Market positioning and investor flows discussion with Sonali Basak of iCapital and Steve Sosnick of Interactive Brokers.