** Alphabet GOOGL.O shares gaining 0.2% on Weds ahead of qtrly results after the bell, with investors focused on payoffs from its heavy AI spending amid model launch delays

** Google's parent is expected to post qtrly rev of $116.93 bln, up 21% y/y, and adj EPS of $2.89 vs $2.31 a yr ago, per LSEG

** In the prior qtr, the co's cloud rev grew 63%, its best rate since the segment was broken out, driven by enterprise AI demand

** Investors are watching for updates on the co's AI strategy after it delayed the launch of its Gemini 3.5 Pro model, raising concerns over its massive capex plans

** GOOGL's stock has risen ~11% YTD, in line with the Nasdaq .IXIC; stock recently at 24x forward earnings, above its 5-yr avg of 22x