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The technology sector's capital expenditure cycle keeps resetting its floor.
Alphabet (GOOGL) raised its full-year capital expenditure guidance to a range of $195 billion to $205 billion, up from a prior forecast of $180 billion to $190 billion, shifting both ends of its planned spending range higher by $15 billion.
A new floor above the old ceiling The prior guidance ran from $180 billion to $190 billion. The new minimum of $195 billion sits above where the old maximum landed.
Alphabet's revised least-expected outcome for fiscal-year capital spending is now higher than its prior most-expected one. At this scale, the revision carries weight beyond the company's own cash flow statement.
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