Alphabet's leadership expressed caution over potential challenges posed by President Trump's new tariffs, which might impact their advertising business. Despite having reported a strong first-quarter revenue, concerns remain about how these tariffs could affect the broader economy and business expenditures. Specifically, tariffs on materials vital for Alphabet's tech infrastructure, supporting AI efforts, are worrisome. They also anticipate that tighter business budgets could lead to a decrease in advertising revenue, especially from the Asia-Pacific region.