Alphabet is scheduled to report earnings after Tuesday’s close. The stock ($GOOGL) just hit a record high of $205.48/share and is currently trading near $201. The stock is prone to big moves after reporting earnings and can easily gap up if the numbers are strong.

Alphabet reports fourth-quarter earnings after Tuesday's closing bell. Investors will be focused on cloud momentum and AI traction, with shares of the Google parent company hovering just below record levels achieved last week.

Alphabet will face investor scrutiny over its massive spending on AI when it reports earnings on Tuesday, as revenue growth at the Google parent likely slowed in the holiday quarter due to a slowdown in its advertising and cloud businesses.