Alphabet's kicking off the hyperscaler earning season after the bell tonight.

The first to provide a glimpse into the tariff and the macro impact on these mega caps.

Dear DeBosa has more on what to expect in today's tech check.

Hey, Dee.

Hey, good morning, Carl.

You're right.

Tonight will set the tone for the other mega cap tech companies over the next few weeks.

You've got Google Signal and ad spend for meta midteriffs. Any color around CapEx, that'll be key for

Amazon and Microsoft. AI demand itself, relevant to all of them. You've got antitrust lawsuits,

essentially risks on all sides. For now, though, I want to narrow in on ad revenue because it is

still the engine that drives Google. It's also the most exposed amid tariffs in this new AI paradigm. Here's what happened

to Tammu ad spend in the wake of China tariffs. Google shopping ad impressions, they fell off a cliff

to zero. Big old donut. She and another Chinese e-commerce giant also cuts spending. Their

incentive to spend on Google or meta or snap, by the way,

ads that shrinks when they have to raise prices or they lose competitiveness because of tariffs.

That broader macro uncertainty also could affect other companies, non-Chinese, in terms of their

ad spending. Then there's the existential risk to Google advertising, generative AI. Through testimony in the DOJ Google Remedy Trial just yesterday,

Google estimates that its Gemini ad chatbot had 350 million monthly active users as of March.

Now, that is far larger than I think anyone had expected, certainly myself included,

and it catches up to OpenAIIs chat GBT at 600 million

MAUs. That's according to internal Google estimates. But also revealed during yesterday's testimony,

Google's ad chief believes the cannibalization of commercial queries was inevitable and wanted to speed

...