GOOGL Alphabet Inc.

Current filing emphasizes significant market power of access providers, possible restriction/blockage/degradation of access, differential regulatory protection, and effects on user relationships and costs. Prior filing described these risks but with less detail and specificity.

Current filing includes expanded description of risks from cyber attacks exploiting AI to breach systems or target employees. Notes industry-wide software supply chain vulnerabilities, attacks by nation-states, state-sponsored actors, and geopolitical tensions exacerbating risks. Also adds that response processes may be inadequate in some incidents. Prior filing less detailed on AI and geopolitical aspects of security risks.

Current filing elaborates on risks of AI such as harmful content, inaccuracies, discrimination, intellectual property infringement, defamation, data privacy, cybersecurity, and social concerns. Describes risk of claims, lawsuits, regulatory action, and brand harm. Discusses continued resource investment in AI responsible implementation and possibility of unseen issues. Prior filing had a shorter, less detailed description.

Current filing adds that the EU AI Act came into force August 1, 2024, with a two-year transitional period and specifics on obligations for general purpose AI. Describes multiple countries enacting or considering AI regulations and details legislative activity in US states including California and New York Acts. White House executive orders emphasizing deregulation and innovation leadership also included. Prior filing described AI regulation in general but lacked recent updates.

Current filing includes mention of obtaining copyright and patent protections for important innovations, including AI innovations. This was not mentioned in the prior filing.

Current filing includes additional risk factors for harm to brands like data privacy and security issues, developments in delivering age-appropriate experiences to minors, product or technical failures, and others. Prior filing had a shorter list.

Current filing adds extensive descriptions of risks such as energy supply constraints globally to power AI compute, limited suppliers for specialized AI chips, and complex long-term contracts. Also addresses inflation, foreign exchange, tariffs, sanctions, trade disputes, climate change effects, and geopolitical tensions more specifically.

International revenues updated from approximately 51% in 2024 to approximately 52% in 2025. Added more details on restrictions on foreign ownership, foreign exchange controls, sanctions, tariffs, geopolitical tensions, longer payment cycles, credit risks, anti-corruption laws, cultural differences, and recent global armed conflicts.