Duquesne Adds GOOGL Stake as Alphabet Posts Blowout Q2 Results

Duquesne Family Office, a firm known for making concentrated bets and rotating quickly when its convictions change, has opened a new position in Alphabet (GOOGL) stock. The investment is worth around $120.2 million as of the filing date and accounts for 2.3% of Duquesne's reported portfolio.

This move comes at an interesting time for Alphabet, which just wrapped up its second quarter with a blowout performance. Consolidated revenue reached $119.8 billion, a 24% increase from last year, marking the company's 12th-straight quarter of double-digit growth. Operating income climbed 30% to $40.8 billion, while operating margin came in at 34%.

Google Cloud's backlog grew to $514 billion, up more than $50 billion in just one quarter, and the company is still supply constrained even after ramping up capacity. Search also held up better than expected, with revenue rising 17% to $63.3 billion, driven by retail and finance.