尽管面临支出压力，Alphabet 在云端运算方面展现了显著的进展，其季度营收大幅增长 82% 至 247.7 亿美元，超出分析师预期。这一增长主要得益于新创公司和企业客户对人工智慧基础设施及解决方案的强劲需求。此外，云端业务的积压订单增加至 5140 亿美元，显示其人工智慧投资正在转化为快速增长且有利可图的收入来源。
在核心业务方面，搜寻广告营收略低于预期，但 YouTube 营收达到 111 亿美元，成功打破近期的低迷趋势。Google 继续扩展其 Gemini 人工智慧模型，并预告将加快发布下一代前沿模型 Gemini 4。同时，Alphabet 的投资组合（包含 SpaceX 和 Anthropic 等公司）带来了近千亿美元的价值增长，大幅推升了其整体净利。
Alphabet has raised its capital spending forecast for this year to as much as $205 billion, reigniting market concerns about the financial discipline and immense costs of the Silicon Valley artificial intelligence race. The company reported its first negative free cash flow since going public, amounting to $5.9 billion. Investors are increasingly focused on whether these massive AI investments will generate actual returns rather than just weighing on profits, a sentiment that contributed to a drop in its share price.
Despite the spending pressures, Alphabet demonstrated significant progress in cloud computing, with quarterly revenue surging 82% to $24.77 billion, surpassing analyst expectations. This growth was primarily driven by strong demand from startups and enterprise customers for AI infrastructure and solutions. Additionally, the cloud backlog grew to $514 billion, indicating that the company's AI investments are successfully converting into fast-growing and profitable revenue streams.
In terms of core businesses, search advertising revenue fell slightly below estimates, but YouTube revenue reached $11.1 billion, breaking a recent losing streak. Google continues to expand its Gemini AI models and announced plans to accelerate the release of its next-generation frontier model, Gemini 4. Meanwhile, Alphabet's investment portfolio, which includes stakes in companies like SpaceX and Anthropic, generated nearly $100 billion in value gains, significantly boosting its overall net income.