Google Cloud的營收預計將較去年同期增長近65%，達到224億美元，略高於第一季度63%的擴張速度。Evercore ISI分析師Mark Mahaney認為這一預測「非常合理，且可能有顯著上行空間」。然而，這些業績數據無可避免地將在其資本支出計劃的背景下被審視——Alphabet上季度表示今年計劃支出高達1900億美元，且2027年的支出將「顯著」更高。根據Bloomberg彙編的預估均值，Alphabet 2027年的資本支出預計將達到2620億美元，幾乎是2025年的三倍。
儘管資本支出規模巨大，Alphabet的估值仍被市場視為合理。其股價約為未來12個月預估盈利的23倍，僅略高於其十年平均值21倍，與納斯達克100指數的估值倍數持平。在七巨頭中，除了避開AI支出競賽的蘋果和晶片巨頭輝達外，Alphabet的表現優於其他大型AI投資者——亞馬遜今年僅漲6.8%，Meta下跌2.8%，微軟更是大跌18%，成為標普500指數今年最大的拖累。投資者普遍認為，只要雲端業務持續加速增長，當前的支出水平仍屬審慎。
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.