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Alphabet’s plans to spend $10 billion more on capital expenditures this year than previously forecast seem “un-Googly,” according to Bernstein analyst Mark Shmulik. And that might be holding the stock back from bigger gains in the wake of Wednesday’s strong report.

But “isn’t Google fighting back what investors have been looking for?” Shmulik asked. The company is spending up to stay competitive in artificial intelligence, even though this will hit free cash flow.

Shmulik now sees Alphabet on the “AI crazy train” — but he wonders if the company has gotten on “too late or just in time.”