Google Is Fooling Everyone

Joseph Carlson After Hours•Jun 2, 2026

Summary

In this video, Joseph provides a robust defense of Alphabet (Google) following their announcement of an $80 billion equity raise. While many market participants view the share dilution as a sign of weakness or a bubble, Joseph views it as a calculated move to satisfy massive AI compute demand that currently exceeds the company's supply. He notes that Google has already raised $85 billion in debt recently, and with 2026 capital expenditures projected to reach $180-$190 billion, the company needs additional liquidity to maintain its lead. Joseph highlights that by going to the equity markets now, Google is effectively 'sucking the oxygen out of the room' for upcoming IPOs like SpaceX, OpenAI, and Anthropic.

Joseph also touches upon broader market and cultural shifts. He agrees with Tom Lee's bullish outlook, which suggests the US economy could grow at 4% as it becomes a primary exporter of AI services. Furthermore, he highlights a disruption in Hollywood, where low-budget films created by YouTubers are significantly outperforming massive Disney productions. Finally, he addresses the conviction of short-seller Andrew Left for market manipulation as the 'fail of the week.'

Alphabet (GOOGL): Joseph defends the $80 billion dilution as necessary for AI infrastructure, noting that demand for Google's AI solutions is currently exceeding its supply. He points to staggering metrics, such as cloud revenue growth of 63% and a backlog of $460 billion, as evidence that the investment will yield high returns. Joseph maintains a massive personal position, viewing the company as a 'compounding machine' that is vertically integrated from chips to distribution.

Disney (DIS): Joseph cites Disney as a laggard in the entertainment space, specifically mentioning that the new Star Wars film, 'The Mandalorian & Grogu,' was outperformed by independent YouTuber-led films. He argues that Disney's reliance on expensive CGI and established IP is failing against lower-budget projects focused on superior storytelling and character development.

Market Outlook: Referencing Tom Lee, Joseph notes that the combination of AI exports and the millennial wealth transfer could lead to the strongest stock market performance of our lifetime over the next three years.

Mentioned Stocks

GOOGL

Sentiment: BUYAction: RECOMMENDED

Reasoning: Joseph is highly bullish on Google's $80 billion equity raise, calling it a strategically brilliant move to capitalize on unprecedented AI demand. He notes that the company's metrics, including a 63% increase in cloud revenue and a $460 billion backlog, justify the massive capital expenditure. He views the dilution as a preemptive strike to capture capital before competitors like OpenAI and SpaceX, and he maintains a large personal position worth approximately $215,000 across his portfolios.

Loading chart...

DIS

Sentiment: SELL

Reasoning: Joseph uses Disney as a negative example of legacy Hollywood being disrupted. He notes that their expensive $165 million Star Wars production was outperformed by YouTuber-made films with budgets under $10 million, suggesting that Disney is losing its competitive edge in storytelling and box office appeal.

Loading chart...