Alphabet Q1 Earnings Thesis Good morning everyone. I wanted to share my post-earnings thesis and execution plan for Alphabet following what might be the best quarter in the company's history. The Position: • 30x GOOGL $300 Calls (Expiring Sept 2026) • Purchased on July 24, 2025. With the stock blowing past $375 in the pre-market, these are acting as deep ITM synthetic equity with a Delta approaching 1.0. I originally had a limit order to sell a 10-contract tranche at $385 this morning to de-risk, but after digesting the earnings call and the pre-market tape, I completely canceled the order. Here is why I am holding the entire board to $410+: 1. The Cloud Growth is Breaking Models: We were looking for 47-50% YoY Cloud growth to justify the CapEx. They delivered 63% ($20.0B). More importantly, they posted $6.6B in Cloud operating income. That’s a 33% margin. They are proving that their massive AI infrastructure build-out is immediately, wildly profitable. 2.…