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The RSU Engine: How Employee Compensation Shapes Your Share Value

The RSU Engine: How Employee Compensation Shapes Your Share Value

by Third Pole Markets | Jan 28, 2026 | Equity Mechanics

TL;DR — Alphabet pays much of its workforce in restricted stock units that settle in non-voting Class C shares. In 2024 it spent $62.0 billion buying back 379 million shares, yet the share count fell only 249 million. Roughly a third of the buyback offset employee...
The Pixel Insurance Policy: Why Hardware is Google’s Defensive Moat

The Pixel Insurance Policy: Why Hardware is Google’s Defensive Moat

by Third Pole Markets | Jan 28, 2026 | The Long View

TL;DR — Pixel is a small player in smartphones, and Alphabet does not disclose its revenue or profit. Its value is strategic: it is the one mobile channel where Google sets every default, at a time when Alphabet pays partners like Apple billions for default placement...
Gemini: The Silent Threat to Alphabet’s Operating Margins?

Gemini: The Silent Threat to Alphabet’s Operating Margins?

by Third Pole Markets | Jan 28, 2026 | Finance

TL;DR — Generative AI gives Google Search something it never had: a real marginal cost per answer. Alphabet’s defense is custom TPUs and aggressive model efficiency. The operating margin held at 32% for 2025 and hit 34% in Q2 2026, but the bill moved to depreciation...
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Recent Posts

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