Alphabet Inc. Class C Capital Stock

Legal and litigation · Litigation and legal proceedings

We are and may continue to be subject to claims, lawsuits, regulatory and government inquiries and investigations, enforcement actions, consent orders, and other forms of regulatory scrutiny and legal liability, including competition matters, that could harm our business, reputation, financial condition, and operating results.

Legal and litigation · Intellectual property disputes

Our patents, trademarks, trade secrets, copyrights, and other intellectual property rights are important assets for us. Various events outside of our control pose a threat to our intellectual property rights, as well as to our products, services, and technologies.

Data and privacy · Cross border data transfer regulations

We are subject to evolving laws and regulations that dictate whether, how, and under what circumstances we can transfer, process, or receive personal data, as well as ongoing enforcement actions from supervisory authorities related to cross-border transfers of personal data.

Data and privacy · Consumer privacy and consent

Laws governing the collection and processing of children and minor's data and how companies provide age-appropriate online experiences, including the Children's Online Privacy Protection Act of 1998 and similar US state laws related to children's privacy, impose significant obligations on controllers and processors of consumer data.

Legal and litigation · Employment and labor law compliance

Different employee/employer relationships; different labor laws, regulations, and labor practices; and other challenges caused by distance, language, local expertise, and cultural differences, increasing the complexity of doing business in multiple jurisdictions.

Data and privacy · Data protection and privacy laws

Changes to our advertising policies and data privacy practices, as well as changes to other companies' advertising or data privacy practices have in the past, and may in the future, affect the advertising services that we are able to provide.

Supply chain and procurement · Raw material availability and cost volatility

We have experienced and may in the future experience supply shortages, price increases, quality issues, or longer lead times that could harm our operations, driven by raw material or component availability, manufacturing capacity, labor shortages, industry allocations, logistics capacity, inflation, foreign currency exchange rates, tariffs, sanctions and export controls.

Core operations · Operational disruption and business continuity

Our ongoing investments in safety, security, and content review will likely continue to identify abuse of our platforms and misuse of user data. We may not have discovered, and may in the future not discover, all such incidents or activity, whether as a result of our data limitations or other factors.

Technology infrastructure · Network connectivity and telecommunications

Our business depends on continued and unimpeded access to the Internet by us and our users. Internet access providers may be able to restrict, block, degrade, or charge for access to certain of our products and services, which could lead to additional expenses and the loss of users and advertisers.

Cybersecurity and data protection · Data breaches and cyber attacks

Interruption to, interference with, or failure of our complex information technology and communications systems could hurt our ability to effectively provide our products and services. Our systems are vulnerable to damage, interference, or interruption from modifications or upgrades, terrorist attacks, state-sponsored attacks, natural disasters or pandemics, cyber attacks, supply-chain attacks, computer denial of service attacks, phishing schemes, or other attempts to harm or access our systems.

Cybersecurity and data protection · Data privacy and protection regulations

Data privacy and security concerns relating to our technology and our practices could harm our reputation, cause us to incur significant liability, and deter current and potential users or customers from using our products and services. Concerns about the adequacy of our practices with regard to the collection, use, governance, disclosure, or security of personal data could harm our business, reputation, financial condition, and operating results.

Technology infrastructure · Technology systems and infrastructure failure

Our products and services are highly technical and complex and have contained in the past, and may contain in the future, errors or vulnerabilities, which could result in interruptions in or failure of our services or systems.

Geopolitical and trade · International conflicts and tensions

Geopolitical tensions or armed conflicts, such as the ongoing conflict in the Middle East and Ukraine, may increase risks of cyber attacks and data exfiltration or compromise by nation-states and state-sponsored actors.

Natural and catastrophic events · Pandemic and public health crises

Our systems are vulnerable to damage, interference, or interruption from natural disasters or pandemics. The occurrence of a natural disaster or pandemic, closure of a facility, or other unanticipated problems affecting our data centers could result in lengthy interruptions in our service.

Geopolitical and trade · Trade policies tariffs and sanctions

Sanctions, tariffs, import and export controls, other market access barriers, political unrest, geopolitical tensions, changes in regimes, or armed conflict may affect our business continuity, increase our operating costs, limit demand for our products and services, limit our ability to source components or final products.

Market position and competition · Pricing pressure and margin compression

Technologies have been developed that make personalized ads more difficult, or that block the display of ads altogether, and some providers of online services have integrated technologies that could impair the availability and functionality of third-party digital advertising.

Customer and revenue · Changing customer preferences and behavior

We believe AI is quickly reshaping the advertising industry, including how ads are delivered online, and we and our competitors are constantly adjusting to meet this shift and provide new and evolving advertising formats. There is no assurance that we will adapt effectively and competitively to meet this shift.

Strategic execution · Merger acquisition and divestiture risks

Acquisitions, joint ventures, investments, and divestitures are important elements of our overall corporate strategy and use of capital, and these transactions could be material to our financial condition and operating results. We expect to continue to evaluate and enter into discussions regarding a wide array of such potential strategic arrangements, which could create unforeseen operating difficulties and expenditures.

Innovation and product development · Intellectual property protection and infringement

Other companies may develop AI products and technologies that are similar or superior to our technologies or more cost-effective to develop or deploy. Other companies may also have (or in the future may obtain) patents or other proprietary rights that would prevent, limit, or interfere with our ability to make, use, or sell our own AI products and services.

Credit and liquidity · Access to capital and financing

Disruptions in our ability to access future financing or manage our indebtedness could adversely affect our ability to execute our strategy and harm our financial condition. Any difficulty in accessing capital markets, entering into other forms of financing on favorable terms, or managing our existing indebtedness could increase our costs of financing and restrict our ability to invest in our business.