Alphabet's shares surged 3% after reporting an 8.5% increase in Google's ad revenue, surpassing expectations and alleviating fears of a downturn due to U.S. trade tensions. Analysts like Deutsche Bank's Benjamin Black highlighted growth across segments as a positive indicator against negative market sentiment. Despite slight trade-related headwinds, Google announced a $70 billion share buyback and noted AI Overviews reached 1.5 billion monthly users. Alphabet's forward P/E ratio at 17.33 is under Microsoft's 26.56.