Google parent Alphabet reports fiscal second-quarter results after the bell. Here's what analysts are expecting, according to LSEG.

• Earnings per share: $2.89
• Revenue: $116.9 billion estimated

Google's earnings mark the first major test this earnings season for the ballooning capital expenditures trade fueling the artificial intelligence revolution.

In recent months, technology giants have poured billions into building new data center infrastructure to keep pace with skyrocketing demand for compute. But those massive investments have started to raise questions over the sustainability of long-term demand. Consensus estimates from FactSet expect $187.1 billion in capex this year for Alphabet.

Google's AI pipeline is also top of mind for investors after the company reportedly delayed the launch timeline for its flagship Gemini 3.5 Pro AI model.

On Tuesday, the company debuted three cheaper Gemini models, including a cyber model geared to tackle cybersecurity concerns with the rise of highly capable models like Anthropic's Mythos.

Investors want to see how the company's models compare to frontier model makers such as Anthropic and OpenAI, especially as businesses clamp down on rising token costs and competition rises from cheaper Chinese models.

Google's search business is expected to hit $63.4 billion from $54.19 billion last year, according to StreetAccount. YouTube advertising revenue and cloud are estimated to reach $10.8 billion and $22.3 billion, respectively, from $9.8 billion and $13.62 billion a year ago.

Google's cloud business has posted robust growth in recent quarters and investors will want to see if it can keep up the pace and gain on Microsoft's Azure and Amazon Web Services.

Google's earnings call kicks off at 4:30 pm ET.

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CNBC's reporters are covering Alphabet earnings from bureaus in San Francisco and Englewood Cliffs, New Jersey.