In early March 2026, CVS Health and Google Cloud announced a long-term partnership to power CVS’s new Health100 platform with Gemini-based AI, secure cloud infrastructure, and interoperable data tools to create real-time, omni-channel health engagement for consumers and partners across the healthcare ecosystem.
The Health100 collaboration uniquely positions Google Cloud at the center of an open, AI-enabled health data network that could deepen its enterprise footprint while testing consumer trust in high-stakes, privacy-sensitive use cases.
We’ll now examine how this Health100 AI healthcare partnership may influence Alphabet’s investment narrative, especially its heavy AI infrastructure spending.
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To own Alphabet today, you have to believe its massive AI and cloud buildout can justify record capital spending while its ad-heavy core stays resilient. The CVS Health100 deal reinforces the main near term catalyst, which is Google Cloud’s role as AI infrastructure for large enterprises, but it does little to reduce the biggest risk: whether outsized AI data center capex will earn attractive returns if demand or pricing weakens.
Among recent announcements, the AES partnership in Texas stands out alongside Health100, because both highlight Alphabet’s push to support AI growth with long term, energy efficient infrastructure. Together they underline how much of the Alphabet story now runs through Google Cloud and Gemini, where success could help offset pressure on ad margins, but also amplify the financial impact if AI investment or usage trends fall short of expectations.
Yet beneath this AI optimism, investors should be aware of growing scrutiny of Alphabet’s data use and AI safety practices, which could…
Read the full narrative on Alphabet (it’s free!)
Alphabet’s narrative projects $512.6 billion revenue and $148.4 billion earnings by 2028. This requires 11.3% yearly revenue growth and a roughly $32.8 billion earnings increase from $115.6 billion.
Uncover how Alphabet’s forecasts yield a $376.86 fair value, a 23% upside to its current price.
Some of the most optimistic analysts were already modeling Alphabet toward about US$548 billion in revenue and nearly US$160 billion in earnings by 2028, so if AI partnerships like CVS Health100 really accelerate usage and paid services, their thesis of a step change in margins and growth could gain support, while others may see the same news and still focus on regulatory and competitive risks that could slow that outcome.
