PREVIEW: Alphabet rises ahead of quarterly results; capex plans in focus

** Alphabet GOOGL.O shares rising 1.1% on Weds ahead of qtrly results, due after the closing bell, with the search and advertising giant seen reporting a big jump in rev for the qtr

** Investors also will focus on AI model progress and capital spending plans as worries about the sustainability of the AI trade hang over the stock market

** The co is expected to report qtrly rev of $128.22 bln, up 25%, while adj EPS is seen at $3.02 vs $3.10 a yr ago, per LSEG

** Last qtr, the co raised its full-year capex forecast, which overshadowed strong cloud growth and sent shares lower after the report

** Investors will watch for updates on the new Genie 4 AI model after delays with its prior flagship model, Gemini

** The 12-mo median PT for the stock is $425, based on LSEG data; GOOGL was last at $324.08

** GOOGL shares have risen 3.6% YTD, underperforming the Dow's .DJI roughly 9% gain in that period