Alphabet, parent of Google, YouTube and Google Cloud, fell approximately 1.5% in Tuesday's regular session as investors absorbed a shake-up at Google DeepMind. Demis Hassabis stepped down as Google DeepMind's chief executive while staying on as chairman, and veteran AI scientist Jeff Dean left to start a new venture. Koray Kavukcuoglu, Google's chief AI architect, is taking over many of Hassabis's responsibilities and will report directly to Alphabet CEO Sundar Pichai. Alphabet pushed its 2026 capital-spending forecast to $195 billion$205 billion, up from $180 billion$190 billion, with another $15 billion at the midpoint going into AI infrastructure. Google Cloud revenue exploded 82% to $24.8 billion in the second quarter, and the company reported external TPU sales revenue for the first time. Alphabet closed Aug. 11 at $350.52, a whopping 41.52% above the GF Value estimate of $247.68. Investors are paying for AI domination, leaving less room for leadership disruption, slower Cloud growth or disappointing returns on the infrastructure bill. If Google keeps converting AI demand into explosive Cloud growth, the premium may have ammunition; if growth cools while spending stays near $200 billion, valuation could quickly become the problem.