Alphabet’s energy procurement arm finalized three long-term power purchase agreements with Clearway Energy that will cover 1.17 gigawatts of renewable capacity across Missouri, Texas and West Virginia. The deals amount to more than $2.4 billion in infrastructure investment and span up to 20 years, underpinning power supply for Google’s data centers in the SPP, ERCOT and PJM grids. Construction on over 1 gigawatt of capacity is slated to begin this year, with initial projects expected to come online in 2027 and 2028, expanding Google’s contracted carbon-free capacity to 1.24 gigawatts and reinforcing the company’s commitment to 24/7 clean energy usage.

Over the trailing decade through September 2025, Alphabet has repurchased $342.4 billion of its own stock, ranking it second among S&P 500 companies in cumulative share buybacks. This aggressive repurchase strategy has reduced its share count by more than 20% since 2015, contributing to a compound annual growth in diluted earnings per share that outpaces revenue growth. Investors have benefited from the program’s positive impact on return on equity and free cash flow per share, while Alphabet’s net income margin has remained near 30% over the past four years.

In January, Alphabet announced a collaboration under which Apple’s next-generation foundation models will be built on Google’s Gemini architecture and Cloud infrastructure. Apple will continue to run AI features on its devices and private cloud environments, while adhering to its privacy standards. The partnership accelerates Gemini’s adoption across one of the world’s largest consumer ecosystems and addresses investor concerns about competitive positioning, as analysts have revised Alphabet’s full-year earnings per share estimate upward by 18% over the past 12 months in part due to expanding enterprise AI deployments and strategic alliances.