[Alphabet's spending forecast just spiked](https://www.cnbc.com/2026/07/23/alphabet-is-falling-on-a-big-spending-forecast-increase-what-analysts-are-saying.html) and the Street immediately cut price targets. Standard reaction—management warns of rising capex, analysts assume margins get crushed. But here's what they're missing: the companies investing most aggressively in infrastructure are the ones most likely to dominate the next cycle.

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