Alphabet Inc. shares rise 3.83% premarket after strong Q2 earnings and increased capital spending plans.

Alphabet Inc. rose 3.83% in premarket trading, driven by strong second-quarter earnings and increased capital expenditure plans. The company beat Wall Street estimates for revenue and profit, with Google Cloud's sales surging nearly 32%. Alphabet's CEO, Sundar Pichai, cited massive demand for its cloud computing services as the reason for hiking capital spending plans to about $85 billion for the year. Additionally, JPMorgan and Wedbush raised their price targets on Alphabet, further boosting investor confidence.