The news: Google parent Alphabet reported a solid Q2, took its victory lap on topline growth, and then artfully dodged a few key details marketers care about. These are five unanswered questions investors and advertisers will be asking in the current quarter.

1. Will Search deliver ROI as user behavior evolves?

In Q2, Google Search & Other brought in $54.2 billion, up from $48.5 billion a year ago—a 12% YoY lift. The operating margin for Google Services (which generates revenues primarily from ads and consumer subscriptions) ticked down slightly to 40.1%, suggesting that while scale is intact, cost pressures may be emerging.

CEO Sundar Pichai and chief business officer Philipp Schindler didn’t cite specific ROI figures but suggested Google believes AI-driven formats like AI Overviews are monetizing at parity—for now.

With Q3 underway, advertisers will want to know whether AI-infused search is sustaining ad performance—or quietly chipping away at the old keyword engine.

2. Can Google slow the shift to AI challengers like ChatGPT and Perplexity?

Pichai said the Gemini app has more than 450 million monthly active users, with daily queries over 50% higher than in Q1. He also said AI mode already has “over 100 million MAUs in the US and India.” One area we’ll be watching closely is market share—and whether or not user experience, as determined by users, is improving.

Without churn or engagement metrics, investors are left guessing: Is Gemini defending market share, or just slowing the leak?

Expect more pressure on the company to show where users are starting queries—and how often they’re coming back.

3. How will Google monetize a no-click world?

Google’s earnings statement celebrated the performance of AI Overviews and AI Mode but sidestepped the real question: Are these features monetizable at scale? Outside research shows AI Overview placements can depress clickthroughs by 34.5%, and advertisers still have limited visibility into performance. Pichai said “over time, we’ll bring very good commercial experiences”—but there’s a real question about how long we’re talking about.

Until we see parity in attribution and reporting, it’s unclear whether these formats will drive budget growth or just curiosity.

4. Will licensing deals keep the AI beast fed without starving margins?

Google acknowledged expanding partnerships with publishers but remained vague about scale or cost. CFO Anat Ashkenazi said R&D investments grew 16% YoY to $13.8 billion—faster than revenues. And Pichai asserted that “access to compute and top-tier researchers is essential to stay competitive."

With publishers demanding compensation and legal challenges mounting, the cost of keeping LLMs well-fed may soon hit the income statement more directly.

5. Can YouTube keep eating TV’s lunch—or will the plate get smaller?

YouTube ad revenues rose to $9.8 billion, up 13% YoY, keeping its lead in streaming ad growth. Schindler noted, per Nielsen, that YouTube accounted for 12.8% of total TV viewing in June. He also called out strong revenue growth from retail thanks to shoppable CTV ads, with “over one billion conversions on CTV screens” over the past year.

But as Google de-emphasizes CTV hardware, its ability to shape the broader living room ecosystem is in question. Advertisers will want a clearer sense of how YouTube plans to maintain incremental reach—and whether a solo-channel approach is enough to fend off Roku, Amazon, and FAST-powered OEMs.

Our take: Alphabet delivered the numbers; it just didn’t deliver the roadmap. The next few quarters will be less about beating consensus and more about proving that AI-era rewiring can extend, not erode, the ad engine that pays for it all.