儘管面臨支出壓力，Alphabet 在雲端運算方面展現了顯著的進展，其季度營收大幅增長 82% 至 247.7 億美元，超出分析師預期。這一增長主要得益於新創公司和企業客戶對人工智慧基礎設施及解決方案的強勁需求。此外，雲端業務的積壓訂單增加至 5140 億美元，顯示其人工智慧投資正在轉化為快速增長且有利可圖的收入來源。
在核心業務方面，搜尋廣告營收略低於預期，但 YouTube 營收達到 111 億美元，成功打破近期的低迷趨勢。Google 繼續擴展其 Gemini 人工智慧模型，並預告將加快發布下一代前沿模型 Gemini 4。同時，Alphabet 的投資組合（包含 SpaceX 和 Anthropic 等公司）帶來了近千億美元的價值增長，大幅推升了其整體淨利。
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.