Google Cloud的营收预计将较去年同期增长近65%，达到224亿美元，略高于第一季度63%的扩张速度。Evercore ISI分析师Mark Mahaney认为这一预测「非常合理，且可能有显著上行空间」。然而，这些业绩数据无可避免地将在其资本支出计划的背景下被审视——Alphabet上季度表示今年计划支出高达1900亿美元，且2027年的支出将「显著」更高。根据Bloomberg汇编的预估均值，Alphabet 2027年的资本支出预计将达到2620亿美元，几乎是2025年的三倍。
尽管资本支出规模巨大，Alphabet的估值仍被市场视为合理。其股价约为未来12个月预估盈利的23倍，仅略高于其十年平均值21倍，与纳斯达克100指数的估值倍数持平。在七巨头中，除了避开AI支出竞赛的苹果和晶片巨头辉达外，Alphabet的表现优于其他大型AI投资者——亚马逊今年仅涨6.8%，Meta下跌2.8%，微软更是大跌18%，成为标普500指数今年最大的拖累。投资者普遍认为，只要云端业务持续加速增长，当前的支出水平仍属审慎。
As AI spending surges across the tech industry, investors are closely watching Alphabet's earnings report for evidence that its cloud-computing business continues to accelerate, validating the company's massive capital investments. Alphabet shares have risen only about 11% in 2026, a stark contrast to the 65% rally in 2025, reflecting growing investor unease over how much Big Tech is pouring into AI infrastructure. While chipmakers have surged as the primary beneficiaries, the Magnificent Seven companies funding this buildout have largely stagnated.
Google Cloud revenue is projected to jump nearly 65% year-over-year to $22.4 billion in the second quarter, modestly ahead of the 63% growth posted in Q1. Analysts view this target as highly achievable with potential upside given strong industry demand for AI infrastructure. Yet these results will inevitably be weighed against Alphabet's escalating capex ambitions—the company indicated plans to spend up to $190 billion this year, with outlays set to rise significantly further in 2027. A recent $85 billion equity raise has led Wall Street to project capital expenditures reaching $262 billion in 2027, nearly triple the 2025 level.
Despite the enormous spending, Alphabet's valuation is broadly considered reasonable at roughly 23 times forward earnings, only slightly above its 10-year average of 21 and in line with the Nasdaq 100. Among the Magnificent Seven, Alphabet has outperformed most major AI spenders this year—Amazon is up just 6.8%, Meta has slipped 2.8%, and Microsoft has dropped 18%, making it the largest drag on the S&P 500. Investors remain willing to pay this multiple so long as cloud growth accelerates and margins hold, viewing the return profile as attractive relative to the scale of investment.