Alphabet posted its second-quarter earnings after Wednesday's closing bell, beating on the headline numbers. Investors will be focused on the state of the search business as AI answers become more prevalent,

Wednesday’s report follows Alphabet’s better-than-expected Q1 release earlier this year, in which the company reported year-over-year growth of 12% and 49% for its top and bottom lines, respectively, after Google’s search unit generated more in sales than analysts projected.

Alphabet stock holds steady July 23 as Q2 earnings loom. Investors eye AI, Waymo expansion, and regulatory risks.