Alphabet shares rise 2.32% premarket after beating Wall Street estimates and increasing capital spending plans.

Alphabet Inc. rose 2.32% in premarket trading, driven by strong second-quarter earnings results and increased capital expenditure plans. The company beat Wall Street estimates for revenue and profit, with Google Cloud's sales surging nearly 32%. Alphabet also raised its capital spending plans for the year to about $85 billion, citing massive demand for its cloud computing services.